The brand will continue its history of charitable endeavors.
Patagonia is taking money the company saved from the 2017 federal tax cuts and putting it toward another cause: the planet’s well-being.
In a 360-word statement published to LinkedIn on Wednesday, CEO Rose Marcario announced that Patagonia will be donating its $10 million tax cut to “groups committed to protecting air, land and water and finding solutions to the climate crisis.”
“Based on last year’s irresponsible tax cut, Patagonia will owe less in taxes this year—$10 million less, in fact,” wrote Marcario. “Instead of putting the money back into our business, we’re responding by putting $10 million back into the planet. Our home planet needs it more than we do.”
Marcario also called out the results of the most recent Climate Assessment report from 13 federal agencies, which warned that the United States could lose 10 percent of its GDP by 2100 if greater action isn’t taken to protect the planet and curtail climate change.
