Owner of Patagonia Donates to Climate Change Organization
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Yvon Chouinard, founder of American designer retailer Patagonia, has announced that he will be transferring ownership of the company to a non-profit trust tackling climate change and protecting undeveloped land.
In an exclusive interview with The New York Times, Mr. Chouinard revealed the intention behind this immense decision, discussing his disdain for the wealth he accumulated and his desire to redistribute it to a worthy cause.
“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people. We are going to give away the maximum amount of money to people who are actively working on saving this planet.”
The organization accepting the $3 billion fortune is the Holdfast Collective, who have already received $50 million and can expect another $100 million as soon as this year. The size of this donation ranks the Chouinard family among the most charitable in United States history.
This announcement comes at a time of strong criticism for billionaires and great concern for the welfare of the planet. Mr. Chouinard has always intended to run a socially responsible business and is satisfied that this decision will benefit this direction in future. “I could die tomorrow and the company is going to continue doing the right thing for the next 50 years, and I don’t have to be around.”
As further indication of the generosity of the donation, his family will receive no tax benefit from the transfer, instead paying $17.5 million in taxes. He revealed this solution was due to his lack of confidence that Patagonia could have progressed climate change prevention in a meaningful way as a public company.
Mr. Chouinard, who is renowned for his love for environmental issues, set up the organic and largely renewable Patagonia with such concerns in mind, and is now relieved to be rid of the burden the business chain could’ve brought.
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