Protoplanetary Disk Science Enabled by Extremely Large Telescopes

The processes that transform gas and dust in circumstellar disks into diverse exoplanets remain poorly understood. One key pathway is to study exoplanets as they form in their young ($\sim$few~Myr) natal disks. Extremely Large Telescopes (ELTs) such as GMT, TMT, or ELT, can be used to establish the initial chemical conditions, locations, and timescales of planet formation, via (1)~measuring the physical and chemical conditions in protoplanetary disks using infrared spectroscopy and (2)~studying planet-disk interactions using imaging and spectro-astrometry. Our current knowledge is based on a limited sample of targets, representing the brightest, most extreme cases, and thus almost certainly represents an incomplete understanding. ELTs will play a transformational role in this arena, thanks to the high spatial and spectral resolution data they will deliver. We recommend a key science program to conduct a volume-limited survey of high-resolution spectroscopy and high-contrast imaging of the nearest protoplanetary disks that would result in an unbiased, holistic picture of planet formation as it occurs.