The founder of the US outdoor company Patagonia, which is said to be worth around $ 3 billion, is selling his company to a number of funds and non-profit organizations. They can use the company’s profits for projects to combat climate change, reports The New York Times.
Control of Patagonia, also active in the Netherlands, is transferred to two specially established departments that control the funds.
The profit that the company makes that is not invested goes to social and environmental projects. It is estimated that they can receive up to $ 100 million annually.
Patagonia founder and owner Yvon Chouinard previously founded the 1% for the Planet initiative. He recorded Patagonia as the first act twenty years ago. Now more than 5,000 companies have adopted the sustainable approach.
“If we have any hope of a thriving planet 50 years from now, we should all do everything we can with the resources we have,” Chouinard said. “Instead of extracting value from nature and turning it into wealth, we use the wealth that Patagonia creates to protect the resource.”
Chouinard’s children, Claire and Fletcher, continue to work for the company. They will be responsible for overseeing strategic decisions.
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