In This Issue
- Flanigan’s Eco-Logic: Patagonia
- Clean Power Matches California’s Heat Wave
- The Inflation Reduction Act of 2022
- Green Hydrogen Electrolyzers
- Little Free Library Movement
- Air Canada Orders Electric Planes
- Flanigan’s Ego-Logic Podcast Updates
Flanigan’s Eco-Logic: Patagonia
The news that Yvon Chouinard, the founder of Patagonia, and his family decided to gift their equity in the company to support climate protection hit me hard, in the best way! How wonderful. The world is full of love. And especially so, in the right places. Patagonia is one of those.
Patagonia’s founder, Yvon Chouinard, his wife and two adult children have irrevocably transferred their ownership of the large and highly respected outdoor apparel company to a set of specially designed trusts and a non-profit organization.
Chair of Patagonia, Charles Conn, was quoted saying, “We are turning capitalism on its head by making the Earth our only shareholder. “ A few years ago, Patagonia changed its mission to something both simple and hard: “We’re in business to save our home planet.” Now founder Yvon Chouinard and his family have given all their Patagonia equity to a charitable entity to fund environmental conservation.
From now on the corporation’s profits will fund efforts to deal with climate change and to protect wilderness areas. It’s an unusual approach to philanthropy, a gift that keeps on giving. Patagonia will remain a privately-held enterprise – worth ~$3 billion – and with annual profits of ~$100 million in perpetuity.
It all began in a chicken coop at his parents’ home in Burbank. A rock climbing enthusiast, Yvon taught himself blacksmithing when he was 15 years old so he could make his own climbing gear. He hammered out his first pitons in 1957, the steel blades that climbers of that era would drive into cracks in the rock to anchor themselves to a wall. His family moved to Ventura where he continued his work in a tin shed. In his homemade forge, he molded carabiners that he sold to his climbing friends.
Quite a guy, he reminisces in an article that he would rock climb at Chatsworth in the morning, then surf in Rincon, and free dive for lobsters and abalone off the coast between Zuma and county line for his dinner. His swath has only grown wider; his philanthropy more profound.
Chouinard is known as a rock climber, environmentalist, philanthropist, and outdoor industry businessman. He grew up in Lewiston, Maine, and went to Stanford Graduate School. Chouinard is also a surfer, kayaker, and falconer and fond of fly-fishing.
He founded Patagonia in 1973 and ran the company for over 50 years, beginning as an eccentric rock climber in Yosemite and becoming a “reluctant billionaire.” For years, Patagonia has been known for its commitment to protecting the environment. Patagonia is now operating in ten countries globally with factories in 16 countries.
Patagonia, based in Ventura, California, now sells more than a billion dollars worth of outdoor gear each year. And that will continue, now operated by a specially designed trust. Its profits will flow to another entity, Holdfast, that will distribute the money to organizations potent in climate mitigation.