Patagonia’s owner gives away company in name of climate change

Patagonia’s founder Yvon Chouinard has given away his ownership of the climbing equipment and clothing company, transferring it to two new entities focused on climate change: Patagonia Purpose Trust and the Holdfast Collective. Chouinard, himself a rock climber, and his company have been vocal about climate change and had set a target of net zero by 2025. In his announcement, Chouinard claimed that “the Earth was now Patagonia’s only shareholder”. He added: “As the business leader I never wanted to be, I am doing my part. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source." Dr Ayana Elizabeth Johnson, a marine biologist who serves on Patagonia’s board, said: “Patagonia has been breaking the mould for decades, and now they have shattered it. Now I want to know, which companies will be next to step up?”