"Based on last year's irresponsible tax cut, Patagonia will owe less in taxes this year—$10 million less, in fact. 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," CEO Rose Marcario wrote in a LinkedIn blog post published Wednesday.
The tax cut provided billions of dollars in tax savings for the oil and gas industry. A 40-year drilling ban on the Arctic National Wildlife Refuge was also lifted after the bill was approved in December.
"Taxes protect the most vulnerable in our society, our public lands and other life-giving resources. In spite of this, the Trump administration initiated a corporate tax cut, threatening these services at the expense of our planet," Marcario wrote.
Patagonia's unexpected windfall will go to conservation organizations protecting our air, land, water and climate. The funds will also help support the regenerative organic agriculture movement, "which we think will not only slow the climate crisis but could begin to reverse it," the company said in an emailed press release.