“Invest in Our Planet” is the theme of Earth Day 2023, which falls annually on 22nd April. The Earth Day 2023 press release announced that “businesses, inventors, investors, and financial markets must drive value for their institutions and society through green innovation and practices. Like other economic revolutions, the private sector has the power to drive the most significant change, with both the necessary scale and speed.”
Green technologies need urgently to be developed to achieve the Paris Agreement’s goal of net-zero emissions by 2050. The International Energy Agency (IEA) reported that 45% of the emission reductions needed to achieve the net-zero goal rely on technologies not yet commercially deployed. The patent system was built to provide an incentive for inventors to innovate, and a shift in perspective from a closed to an open IP-sharing model can encourage the diffusion of such technologies globally.
Critics of the patent system as a method of accelerating the transition to a green future may argue that patents stifle innovation, by allowing companies to create a monopoly and hinder access in developing countries. Traditionally, businesses have implemented closed IP strategies, with the focus being laid upon profitability and market share.
A move towards collaboration
However, IP protection can be used as a collaboration tool, and it is becoming increasingly apparent that businesses are adopting a more open IP strategy. For example, on Earth Day in 2021, the Low Carbon Patent Pledge was launched by Hewlett Packard Enterprise, Microsoft, and Facebook. The aim of this pledge is to encourage open collaboration and facilitate sustainable breakthroughs by making IP more broadly available around the world. Patents can result in accelerated innovation cycles, as they enable inventors and businesses to offset research and development costs and attract investors, while allowing others to build on these technologies without the cost or time involved from having to reinvent the wheel.
It typically takes a patent application three to five years to be accepted for grant, which may be seen as a barrier to the acceleration of green technology development. However, many patent offices around the world have launched initiatives to counteract this apparent problem. For example, the UKIPO offers “The Green Channel” which allows applicants to expedite prosecution of their patent application if the invention has an environmental benefit. Our attorneys at Forresters can provide advice on whether an invention qualifies for one of these initiatives.
Conclusion
At Forresters, we have a team of experienced attorneys with relevant backgrounds for assisting in protecting green inventions. As Earth Day 2023 calls for an investment in our planet, we encourage inventors of green technologies to reach out to one of our attorneys, so that we can help you protect your idea and devise an IP strategy to accelerate the transition to a green future.
