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‘New form of capitalism’: Why Patagonia’s billionaire founder donated his company to fight climate change
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‘New form of capitalism’: Why Patagonia’s billionaire founder donated his company to fight climate change
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The 83-year-old founder of the outdoor-themed clothing brand Patagonia and his family have given away ownership of the three-billion-dollar conglomerate so that its profits can be used to fund efforts to protect the environment.
Yvon Chouinard, renowned for his aversion to material wealth and passion for nature, established “a specially designed trust and a nonprofit organization” that “were created to preserve the company’s independence and ensure that all of its profits — some $100 million a year — are used to combat climate change and protect undeveloped land around the globe,” The New York Times reported on Wednesday.
“The unusual move comes at a moment of growing scrutiny for billionaires and corporations, whose rhetoric about making the world a better place is often overshadowed by their contributions to the very problems they claim to want to solve,” the outlet noted.
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“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,” Chouinard said in an exclusive interview with the Times.
