Jens Ulltveit-Moe Alumnus of the Year: “I’m not a moralist. I’m an economist!”
This year’s alumnus of the year is now best known for his climate engagement. `A strong willingness to combine business success with social responsibility,´ says NHH’s Director of Communications, Geir Mikalsen.
`With his career, he represents the best of NHH’s values: Academic strength, innovative thinking, and a commitment to combining business success with social responsibility.´
These were the words of Geir Mikalsen as he presented the award and gave a speech in honor of Jens Ulltveit-Moe at this year’s major alumni conference in Oslo.
`I’m surprised to be named Alumnus of the Year. And proud,´ says Jens Ulltveit-Moe.
Social Responsibility
Alumnus of the year
NHH has namned an alumnus of the year since 2018, in cooperation between the alumni advisory board and the Rector at NHH.
Previos alumnus of the year:
2018: Christoffer Pettersen
2019: Martin Schütt
2020: Rolv Assev
2021: Therese Jebsen
2022: Lars Erik Lund
2023: Madeleine Bjørnestad Røed
2024: Benedicte Schildbred Fasmer
Ulltveit-Moe’s interest in climate issues was truly awakened in 2005.
`I saw good opportunities to make money from this major societal shift, says billionaire and investor Jens Ulltveit-Moe.
He believes the oil industry is overinvesting, and the resources they aim to extract will become worthless. This perspective has been crucial in his shift away from oil and gas toward green investments. He doesn’t justify this shift with moralism, but rather sees it as a natural choice for an economist.
A Rich Time
Jens Ulltveit-Moe began his economics studies at NHH in 1963, as part of the first cohort to complete the entire program at the school’s new campus in Helleveien.
`We were a close-knit group arriving at a brand-new building we thought was fantastic,´ he says.
The ambition of those starting their studies back then was typically to secure executive positions in companies like Hydro and Storebrand. No one imagined they would become owners of significant business ventures.
`For many ways, we were part of an experiment. The idea was to make business leadership a discipline. Leadership had previously been tied to ownership, often within family-owned businesses,´ he explains.
Better something small and yours
After NHH, Ulltveit-Moe pursued further studies at Columbia University, followed by a job at McKinsey in New York. There, he met other young economists from Harvard who were clear about their desire to start their own ventures and become business owners.
`This was the beginning of what we now know as ‘Private Equity,´ he says.
`I thought, ‘I have to do this one day,’ and when the opportunity came, I seized it. Better something small and yours rather than big and someone else’s,´ says Jens Ulltveit-Moe.
His transition to ownership came through the crisis-stricken shipping company Knutsen OAS, which he took over in 1984 after serving as a director for several years. Later, he invested in oil and gas, employing up to 3,000 people at one point.
A Late Rebellion
`Most people have their rebellion at 18. I had mine at 80,” he says, explaining his shift from the Conservative Party (Høyre) to the Green Party (MDG). Climate change is existential´, he says.
`I feel responsable. I’m a citizen of a hypocritical petrostate. I want to spread the message about the threat and what we can do about it,´ he says.
With this in mind, he established the Umoe Climate Foundation, which received around NOK 700 million. It is not intended to conduct research, but to communicate research and influence the general public. The funds are to be used up within 20 years, he adds.
`The foundation will communicate research, influence public opinion, and show that we can do something about the problem´.
NHH and Sustainability
Together for sustainable value creation is NHH’s vision.
`Sustainability wasn’t a topic in the 1960s. Back then, the goal was maximum GDP, and nature was expected to take care of itself,´he says.
He is pleased that NHH now recognizes the importance of sustainability in education.
`The students need to take this on,´concludes Ulltveit-Moe.