Patagonia founder Yvon Chouinard announced all profits from his company will go towards saving the climate. 2% will go into a trust, and 98% to a nonprofit called the Holdfast Collective, which “will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible.”

The company has been a leader in corporate environmental activism for decades, as one of the first companies to become a B-Corp. Their 1% for the Planet program donates 1% of every sale, resulting in $140 million of profits donated to “the preservation and restoration of the natural environment” over the past 21 years.

Here’s what Chouinard has to say about the landmark decision:

Instead of ‘going public’, you could say we’re ‘going purpose’. Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.