Marco Suter, Executive Vice-chairman, UBS Board of Directors, carefully studied the chart on his desk. It showed the public commitment of major financial institutions to help mitigate global warming. Evidently, UBS lagged behind its competitors. The graph was part of a report that environmental specialists and senior executives at UBS had compiled. It suggested the company adopt a more progressive policy on climate change. Suter thought about the options that the working group had generated. These ranged from stabilizing the company's current carbon emissions to complete carbon neutrality. The UBS Corporate Responsibility Committee would meet early next week. Suter wondered which option he should support. The teaching purpose is to decide whether UBS should go beyond its legal obligations to help mitigate climate change. Allows discussion of the likely strategic effects, if any, and the desirability of committing a company to standards that are more stringent than what is required by law. There is also an interesting question as to how UBS should reduce carbon emissions if it chooses to do so. Many environmentalists would like companies to reduce their energy consumption, but for UBS, it would be more cost-effective to purchase carbon certificates that are traded in over-the-counter markets.