Yvon Chouinard has given away his multi-billion dollar brand after announcing on September 15th that Patagonia’s profits will go towards fighting climate change. The Patagonia website now reads “Earth is our only shareholder.” Chouinard has transferred company ownership to a trust and a nonprofit organization. Profits will be used to combat climate change and preserve undeveloped land and biodiversity.

Patagonia is notorious for its commitment to environmental activism. The company donates 1% of all sales every year and even advertises clothing with the statement “Don’t buy this jacket” to inform shoppers of the costs to the environment. Chouinard felt that there was more to be done and that taking a further step was the only option left to help our planet. 

Chouinard and his family won’t financially benefit from this decision, having to pay over $17 million dollars in taxes; this action comes purely from the need to advocate for making a change in the world.