Patagonia donates all of its estimated $3 billion to fight climate change and reimagining capitalism

Outdoor apparel company Patagonia announced on Wednesday that all of its profits will now be donated to the fight against climate change.

The founder, Yvon Chouinard, and his family give up their property in the name of “reshaping capitalism”. Its $3 billion in annual funds are placed in a special trust and donated to a non-profit organization to ensure profits go to the environment.

“While we are doing our best to address the environmental crisis, it is not enough. We had to find a way to put more money into fighting the crisis while keeping the company’s values ​​intact. One option was to sell Patagonia and donate all the money.” But we could not be sure that a new owner would maintain our values ​​or employ our team of employees around the world,” Chouinard wrote in a statement on Patagonia’s website.

The statement explained that their choice for a trust was because of the high risk of corruption when it comes to real efforts to combat climate change.

“Another way was to take the company public. What a disaster that would have been. Even well-intentioned public companies are under too much pressure to seek short-term profits at the expense of long-term vitality and responsibility. To be honest, there weren’t any good options. So we created our own,” added Chouinard.

Patagonia has long been a strong proponent of fighting climate change. The Southern California-based company, founded in 1973, led a 2017 boycott of the Outdoor Retailer trade show in Salt Lake City because the Utah state legislature sought to transfer federal lands to the state.

Patagonia is also committed to renewable energy, and in 1996 “switched to using only organically grown cotton” in all of its products.

Patagonia’s moves have come as many companies have been criticized for “greenwashing” – a form of misleading advertising that includes claims about environmentally friendly policies and products.

https://www.ibtimes.com.au/patagonia-donates-its-entire-3-billion-estimated-worth-fighting-climate-change-reimagining-1838367?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Patagonia donates all of its estimated $3 billion to fight climate change and reimagining capitalism

Fry Electronics Team

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