The founder of Patagonia has passed his company away to a charitable trust
Yvon Chouinard is the billionaire behind the Patagonia outdoor clothing brand, who will not reinvest any profits in the business moving forward.
Instead, Mr Chouinard will pass the funds onto the fight against climate change.
It’s believed this will be around $100 billion a year.
Patagonia sells hiking and other outdoor clothing in over 10 countries.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source,” he said.
The company was founded 1973 and is estimated to bring in $1.5 billion this year.
However, Mr Chouinard’s wealth is understood to be around $1.2 billion.
“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits,” he said.
