On  Sep.14, Yvon Chouinard, the founder of Patagonia, transferred the ownership of his company to a non-profit organization for purposes of combating climate change and protecting undeveloped land around the world. 

The well-known outdoor apparel company, selling everything from jackets to sleeping bags, has dedicated itself to helping environmental crises.

Holdfast Collective is the nonprofit organization that will own  98% of the company and collect the annual profits. It is supposed to  use this money to protect nature and biodiversity in the environment, according to news reports.

The remaining 2% of the company’s shares will be put towards the Patagonia Purpose Trust, which establishes a legal structure ensuring that the company continues to follow Chouinard’s plan.

Chouinard and his family are receiving no tax benefit in response to their donation in which they are giving away most of their assets, the New York Times reports.

 It is rare for a founder to give away his company, particularly one valued at $3 billion. However, Chouinard said he made the decision because of his passion and love for the environment.

“If we have any hope of a thriving planet – much less a thriving business – 50 years from now, it is going to take all of us doing what we can with the resources we have,” said Chouinard.

The company will still be operating as a private, for-profit corporation, and sell their jackets and gear favored by many students at New Trier.

Junior Morgan Deger purchases from Patagonia because of the comfort and long-lasting clothing. 

“I am so happy to be supporting a brand that really cares about their impact on the world.”