Yvon Chouinard, the owner of fashion retailer Patagonia, said he is giving away his company to fight climate change. The company is known for its premium hiking and sports clothing line.

Chouinard, 83, said that any profits that are not reinvested to maintain the company’s health will be diverted towards climate action, BBC reported. “As of now, Earth is our only shareholder”, the company announced in a statement.

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Patagonia, which was established in 1973 and now sells directly in over 10 countries, is projected to have estimated revenue of $1.5 billion. Yvon Chouinard’s net worth is $1.2 billion, making him the 2219th richest individual in the world, according to Forbes.

“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits”, Chouinard said in a statement on Wednesday. He added, “Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source”, according to reports from BBC.

The new decision has split Patagonia’s stock two ways. An unnamed trust will be given 2% of all stock and decision-making authority. The remaining 98% will be handed over to Holdfast Collective, which will use the funds to “protect nature and biodiversity, support thriving communities and fight the environmental crisis.”

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“Patagonia will remain a B Corp and continue giving one percent of sales yearly to grassroots activists”, the company said in a statement. While the style of managing the business may change a bit, the company clarified that the leadership would remain the same. 

“It’s been a half-century since we began our experiment in responsible business. If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have”, Yvon Chouinard said on behalf of the company.