Foundations

Patagonia founder Yvon Chouinard, his wife and their two adult children have irrevocably transferred their ownership of the outdoor apparel company to a set of trusts and nonprofit organizations. From now on, the corporation’s profits will fund efforts to deal with climate change, as well as protect wilderness areas. It will, however, remain a privately held enterprise. According to initial reports about this unusual approach to philanthropy that ran on Sept. 14, 2022, Patagonia is worth about US$3 billion and its profits that will be donated in perpetuity could total $100 million every year. The Conversation U.S. asked Indiana University’s Ash Enrici – a scholar who studies how philanthropy affects the environment – to explain why this arrangement is so significant. 1. Is this move part of a trend? The biggest donors, those giving away billions of dollars, are increasingly making climate change a priority. Amazon founder Jeff Bezos, for example, announ...