ECOSYSTEM SERVICES IP: EXPLOITING NATURAL RESOURCES FOR INNOVATION

Situated at the intersection of intellectual property (“IP”) law, legal theory, and economic thought emerges a novel proposition. The new IP right we propose acknowledges and reciprocates the utilization of nature's resources for innovation. This innovative construct, rooted in principles of nature rights, disrupts conventional legal and economic perspectives, viewing nature not merely as an object of utility but as a legitimate rights-bearing entity, echoing the philosophical tradition of rights theory. In this new IP right model, a managing company would be established to represent and manage the nature rights of a specific segment of nature, such as a river, a mountain, or a lake. Integrating Geographical Indications (“GIs”), the Nagoya Protocol, and patent law, this model proposes a comprehensive IP paradigm that resonates with law and economics scholarship. GIs secure the economic and ecological uniqueness inherent in geographically-specific natural resources, reflecting an understanding of place as a legal and economic construct. The Nagoya Protocol, on the other hand, draws on principles of distributive justice to facilitate fair benefit-sharing from genetic resource utilization. Concurrently, patent law-seen through a Schumpeterian lens-fosters sustainable innovation rooted in natural resources. Under this model, using natural resources for innovation would require obtaining a license from the managing company representing the nature rights. The license would include a compensation mechanism ensuring nature is compensated for using its resources for innovation. The compensation could be financial or in-kind contributions, such as investments in conservation efforts, restoration, or other sustainable development initiatives. The model thus integrates legal and economic theory, endorsing sustainable use of natural resources while acknowledging nature's inherent rights. Ultimately, this model could contribute to a more sustainable and just future for both people and the planet.