Partner Profile: Dr. Eric Orts

"We have to act boldly to protect our climate... I realized that I couldn’t just sit back in my relatively comfortable academic chair — I had to get involved."

This issue of the newsletter features GCI Advisory Board Member, Dr. Eric Orts, a Guardsmark Professor of Legal Studies & Business Ethics at the Wharton School of the University of Pennsylvania, scholar and teacher with specialities in corporate governance and environmental sustainability, founding board member of the Alliance for Research on Corporate Sustainability, and passionate advocate for climate solutions and political reforms who recently ran for political office.

Why are you interested in the environment in general and carbon capture & utilization, in particular?

I’ve had a deep love of the natural environment ever since childhood. I grew up in a small, rural town near the Ohio River 60 miles from Pittsburgh. My father loved science (and wanted to become a science teacher before deciding on being a veterinarian). He had five acres of land that included 80 apple trees that he also farmed as a hobby. My family also took a number of summer vacations to visit our national parks. I developed a close affinity to nature in my early experiences in scouting. I was an Eagle Scout, and had the chance to grow up doing many outdoor activities that put me in close connection with our natural world in a more “wild” state. 

Professionally, I’ve been working on topics in environmental law and policy, with a focus on the role of business, for almost thirty years as a professor at Wharton. I combine this interest with a related one in corporate law and business governance. 

The role of business in solving difficult environmental problems like the climate emergency depends on how we as a society conceive of the proper role of business. If the legal rules say that business firms should maximize returns to shareholders, and refuse to acknowledge the environmental consequences, then that’s what business firms and their managers, investors, and employees will do. 

I see the idea of capturing and reusing carbon emissions as an important part of the solution to the larger problem of the climate emergency. We have the tools to solve many aspects of the problem, but carbon capture and reuse in our industrial processes must play a role too. 

How did you become involved with the Global CO₂ Initiative?

Bernard David is one of the founders of the Global CO₂ Initiative, and he’s a Wharton alum and good friend. Bernard supported my efforts at Wharton when I was a faculty director of the Initiative for Global Environmental Leadership. He kept me informed on the development of the Global CO2 Initiative, and I asked for and received permission from Penn to work in an advisory capacity when University of Michigan established the initiative. 

I should also mention that I’m a Michigan Law alum, and my son was born in Ann Arbor when I was a visiting professor there, so there is a special place in my heart for Michigan. It is one of our leading universities today on research regarding environment issues. The Erb Center at the Ross School at Michigan has also been at the very top of business schools focused on business and the environment in the world. 

You have had an interesting career journey: you studied political science in school, practiced law, held a prestigious academic position, and recently you explored returning to politics. What led you to each different career path?

I studied political theory at Oberlin and then got a political science graduate degree from the New School for Social Research. I went to law school at Michigan thinking that I might one day try my hand at running for political office. But then I found that I loved thinking about and doing research about some of the hard questions in law and policy. I worked as a lawyer for two years at an excellent large firm in New York City, Paul Weiss. And then I decided to risk switching to an academic track. I got a JSD at Columbia Law because the school had a top program in corporate law (and still does). Then I got my first job as a tenure-track assistant professor at Wharton, and it stuck. I love teaching. 

My decision to run for office was prompted by the rise of threats to the structure of our world as we know it on two levels, climate and democracy. 

We have to act boldly to both protect our climate and save our democracy. I realized that I couldn’t just sit back in my relatively comfortable academic chair — I had to get involved, and I felt driven to run for office as my way to help. 

What are some common misconceptions you have encountered regarding environmental issues in general or carbon capture in particular?

The biggest misconception in my opinion is that somehow people have bought into the view that our environment and our economic well-being are in conflict. In fact, ecology and economics share the same Greek root: oikos meaning “home” or “place to live.” And this linguistic similarity reveals a true substantive relationship as well. Acting as if the human economic system does not need to pay attention to its larger environmental effects—including atmospheric climate consequences—is the height of human arrogance. But we should know better—if we only listen to the scientists. And really at this point, the climate emergency is here in the form of extreme weather, deadly fires, and deadly floods. To see it, you just have to open your eyes and listen to the news. 

As for carbon capture and reuse, an understanding of the essential interactions of economy and environment provides the foundational rationale for the project. We need some methods to shift industrial processes to closed loop circular cycles in order to save our planet’s climate for future generations. 

What gives you hope or motivates you?

Young people who are committed to making a difference in the world, and especially the climate. A sea change is occurring among the students that I’ve seen at Penn and Wharton in recent years. Even at a hard-core finance school like Wharton, I’m seeing students who want to use their skills and knowledge to make the world a better place. 

What do you wish I had asked you?

Why is it so important that we elect candidates who are focused on the climate in 2022? This gets back to my decision to run for office. What I see is that we have the technology, the people, and the businesses ready to solve the climate crisis. But, in my view, we won't be able to do anything at the scale that's needed unless we elect a strong pro-climate majority in the U.S. Senate (and keep a majority in the House) in 2022.

Where can people read more about you?

Here is my faculty website:  https://lgst.wharton.upenn.edu/profile/ortse/. 

Also, the Philadelphia Inquirer did a good summary of my campaign: https://www.inquirer.com/politics/election/eric-orts-2022-pennsylvania-senate-race-20210722.html 

News in a Nutshell

How soon could carbon capture technology solve industry CO₂ shortages?

Big potential in this climate solution

Novo Nordisk Foundation Pumps €85M into Carbon Capture Research

Model for Climate-Neutral Plastics Claims to Achieve Circularity and Affordability

VIDEO: GLDD partners up with coastal CO₂ capture project

Made-from-CO₂ concrete, lululemons and diamonds spark investor excitement

Gates Raises $1 Billion as Corporate CEOs Join Race to Scale Clean Tech

Unlocking Carbon Markets for Investors

October 13

​Carbon markets have come a long way in recent years, yet might not be understood well by those who might potentially invest in carbon removal. AirMiners, in conjunction with Bay Area VC firm Fifty Years, is excited to host an event unpacking carbon market development and revenue growth. For more information or to register, click here.

How can market development impact the future of carbon capture?

October 28

Katie Sullivan will provide an overview of the carbon market and how market development can impact the future of carbon capture, utilization, and storage. The keynote presentation will be followed by a panel discussion of how carbon financing will work and how carbon can be monetized. For more information or to register, click here.

Keep in touch

We want to hear from you! Is there something or someone that you would like to see featured in a future issue? Let us know!