Different Gravy: Yvon Chouinard
Several days ago, Yvon Chouinard, an American billionaire entrepreneur and a huge advocate for the successes and research in climate change and related studies, donated his entire company (worth 3$bn) to a trust that would work towards the eradication of climate change worldwide. While being one of the most significant single-check investments in charity in history (we’d talk about it later), I’d want to zoom in on the history of Mr Chouinard himself as an entrepreneur and human being.
Yvon Chouinard is the founder of Patagonia, an outdoor clothing company based in Ventura, California. He was born in 1937 in Maine and raised in Connecticut. In 1953, he moved to California to live with his uncle. After high school, he started climbing mountains and soon became one of the most accomplished climbers in the world. In 1960, he opened a climbing equipment store called Chouinard Equipment. He began manufacturing his climbing gear after finding that existing products were often poorly made and overpriced. He quickly gained a reputation for making high-quality gear that was both affordable and durable.
In 1973, Chouinard started Patagonia as a way to sell his climbing gear to a broader audience. The company’s first product was a synthetic down jacket designed for climbers. It was an instant hit with customers and helped put Patagonia on the map as a top provider of outdoor clothing and gear. Today, the company sells a wide range of clothing and gear for all outdoor activities, from hiking and camping to surfing and snowboarding.
Chouinard has been widely recognized for his achievements in business and conservation. In 2002, he was inducted into the National Academy of Sciences prestigious Institute of Medicine. In 2012, he received the Presidential Medal of Freedom from President Barack Obama for his “outstanding contributions to our Nation.”
Patagonia has also been praised for its commitment to environmentalism and sustainability. The company has donated millions of dollars to environmental causes over the years and has worked to reduce its impact on the environment through initiatives such as using recycled materials in its products and offsetting its carbon emissions. Chouinard is an outspoken advocate for environmental protection; in 2015, he published a book called Let My People Go Surfing: The Education of a Reluctant Businessman, which detailed his journey from dirtbag climber to successful businessman while also calling for businesses to do more to protect the planet.
While the achievements of Patagonia’s long-standing CEO are not something to be undermined, the general motion to invest in charity is not something new in the world of Ultra High-Networth individuals. Among those who did, you can see both well-known figures in tech and big-time financiers:
- Bill Gates and Warren Buffett: In 2006, Bill Gates and Warren Buffett donated a combined $30 billion to various charities. The two billionaires have been longtime friends and have often worked together on philanthropic projects.
- George Soros: In 2010, billionaire hedge fund manager George Soros donated $100 million to Human Rights Watch, one of the largest human rights organizations in the world. Soros has also been a major contributor to other causes, including democracy promotion and education.
- Mark Zuckerberg and Priscilla Chan: In 2015, Facebook founder Mark Zuckerberg and his wife Priscilla Chan pledged to donate $75 billion to charity over their lifetimes. The couple has already given away billions of dollars, with a focus on education and health care.
- Michael Bloomberg: In 2018, former New York City mayor Michael Bloomberg pledged $1 billion to combat climate change. The donation is being used to launch an initiative that will help cities transition to clean energy sources and reduce their carbon emissions.
While investment in climate change is sometimes frowned upon by left-wing politicians as a way to escape taxation, I see it as a valuable and respected cause, and the value of such investments, alongside similar ones in education and elimination of poverty, is something that I’d love to see more in the world from UHNWI. Even with this caveat in mind, we all know historically that Patagonia’s “father” is a person who first and foremost cares (and always did) about the planet, which led to Patagonia being recognised as the “greenest” and most vertically-integrated brand on earth — something that Chouinard’s counterparts would strive to achieve for years to come.
Hopefully, successfully.
