The topic of sustainability and climate change are not foreign to our society, especially in the fashion industry. Scientists have repeatedly warned of the consequences that might occur if we do not heed their advice and the effects are being felt more prominently these days. For example, the UK saw its temperature soaring to 40 degrees celsius for the first time in 80 years this summer, not to mention the ever-rising sea levels.
While the urgency for action only became more apparent in recent years, Patagonia has given over US$100 million to its grantees through a self-imposed 1 per cent tax. In an interview with the Times, he said that the move to relinquish his ownership could hopefully “influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source,” Chouinard said in a statement. “We’re making Earth our only shareholder.” As one of the pioneers in the fashion industry to place the preservation of our planet as the company’s core mission, Patagonia has shown the world that a circular economy is possible to achieve.
Patagonia’s announcement is a clarion call for the fashion industry and businesses in general. It sets the blueprint for how companies can solve the conundrum of keeping profits while also doing good for the planet. Every player has a role to play in the fight against climate change, and Patagonia is a shining example as a case study.
With the bar set for what is possible, it would be a tall order for all businesses to move on the same trajectory as Patagonia. The company showed that it is possible and we should not give up hope on preserving our planet for generations to come.
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