Intellectual property (IP) pertains to creations of the human intellect, it comprises majorly of patents, industrial designs, copyright and trademark. IP right provides exclusive rights to the owners, proprietors, inventors and creators of works/innovation in order to reap commercial benefits and fully utilize from their creative efforts or reputation for a given period.
It is settled that IP play a vital role in the modern economy. IP rights encourage innovation and creativity in all areas, including the development of eco-friendly technologies, products and services. There is no gainsaying that innovation should be given outstanding importance so that companies and inventors get return on the time, energy, fund and resources expended in developing ideas and inventions.
This article discusses areas where innovations have, will and ought to encourage a green today and tomorrow. It explores ways to encourage and manage sustainable growth into the future, how a stable and effective our IP system can support the dawn of a green economy that is environmentally friendly. The World Intellectual Property Organization (WIPO) is celebrating this year’s (2020) world IP day with the theme “INNOVATE FOR A GREEN FUTURE”. The campaign strongly supports the use of invention and innovation to create a better today for a sustainable tomorrow. It explores how innovation and invention play a vital role in facilitating these developments.