Wharton looks toward "greenomics"

Making a dollar isn’t the only goal for Wharton School students and faculty. Now, there is increased focus on what some call “greenomics” — the economics of being environmentally friendly.The Wharton Global Alumni Forum panel, titled “Creating New World Greenomics,” discussed these issues in May, and in light of the recent BP oil spill, Wharton has turned its attention toward environmentally conscious business practices.

Although the term “greenomics” is trendy, it is no different from “standard economic principles,” said Eric Orts, director of the Initiative for Global Environmental Leadership.

“It simply puts a value on environmental factors as well, which today often does reflect real dollars and cents. Using less energy, less packaging, costs less. Reducing transportation miles of products, improving logistics efficiency, ultimately costs less. Improving indoor air quality increases productivity and reduces sick days,” Emily Schiller, associate director of Sustainability and Leadership, wrote in an e-mail.

For at least 10 years, Wharton has offered an undergraduate concentration in environmental policy and management and a minor in sustainable management.

It was “palpable that there was tremendous student demand interest for this minor,” Provost Vince Price said. Student interest in sustainability and the environment at Wharton has spiked in the past four years, Schiller agreed in her e-mail.

However, not all Wharton students have found “greenomics” to be a big part of the undergraduate program.

“It’s not everywhere,” Wharton freshman Pawel Uchman said. The “environment is good, being green is great, but ultimately, Wharton is about business,” he said.

Although the undergraduate population interested in “greenomics” is “not the majority,” according to Orts. “Business needs to be part of this solution — a lot of students are starting to see that.”

However, “sustainability has proven itself to be more than a fad — in a world of limited resources with unequal distribution we cannot continue forward in the same way we always have,” Schiller wrote.

In fact, there are better business practices that may not only “reduce (or eliminate) environmental impact [and] improve communities,” but may also be “more profitable long term,” Schiller added.

Regardless of its implications for business, helping the environment is a “high priority for this institution,” Price said. “We are proud of what we’re doing.”

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