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Patagonia, an American company that sells outdoor clothes, was founded by Yvon Chouinard, who is dedicating the entire business to fight climate change.
All company profits will be given to programmes and organisations that fight climate change, safeguard biodiversity, and preserve natural regions. Along with Mr. Chouinard, his wife and two grown children are also contributing to the altruistic cause their ownership interest in the clothes business.
The corporation is worth about $3 billion, according to the New York Times.
Mr. Chouinard wrote a letter justifying his choice under the heading “Earth is now our only stakeholder.” On Wednesday, the letter was published online by Patagonia.
He said, in an attempt to convey the gravity of climate change: “It will take all of us contributing our fair share of the available resources if we are to have any chance of creating a planet that is prosperous, let alone a successful enterprise. We are able to do this.”
While we’re trying our hardest to handle the environmental catastrophe, it’s not enough, he declared. We needed to figure out how to increase funding for the crisis management while upholding the company’s core principles. One possibility was to sell Patagonia and donate the entire proceeds. However, we couldn’t be certain that a new owner would uphold our ideals or continue to employ our team of individuals across the globe. The corporation could go public as an alternative. That would’ve been a catastrophe. There is too much pressure on public corporations, even those with the best of intentions, to prioritise short-term profit over long-term vitality and accountability.
“In actuality, there were no workable choices. Therefore, we created our own, “adding he.
The company currently generates $100 million in revenue, and according to a NYT report, it intends to contribute the entire sum each year.
In addition to food and beverages made from sustainable sources, the company currently sells both new and used outdoor clothes, gear for outdoor activities including camping, fishing, and climbing, as well as new and used outdoor clothing.
