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Social Impact Statement: Patents can be used as a measure of innovation and to illustrate the commercial potential of plant and fungal biodiversity. The proportion of plant species named in patents represents only 6.2% of plant species, whereas the proportion of fungi is likely less than 0.4%. Fungi clearly justify further research. Innovation on a species usually drives more innovation on that species. We suggest that we should ensure that commercialization frameworks encourage studies on a greater diversity of plants and fungi. This could not only increase the range of biodiversity‐based products and associated income but also incentivize their conservation and encourage more fundamental research. Summary: In this review, patents are used as a measure of innovation, and data show that a low proportion of plant and fungal biodiversity is mentioned in patents. The proportion of plant species named in patents represents only 6.2% of plant species, whereas the proportion of fungi is most likely less than 0.4%. The number of species within a plant family mentioned in patents varies greatly. The following families having the greatest numbers: Asteraceae with 1,445 species (4.5% of species), Fabaceae with 1,299 species (5.8%), Poaceae with 1,008 species (8.5%), and Rosaceae with 718 species (12.7%). Case studies from Brazil, Ethiopia, and South Africa explore some of the controversies associated with patenting, especially when patents have not taken prior art into account. In contrast, a case study on plants and fungi used in traditional Chinese medicine illustrates their economic value and their potential to support new innovations. Innovative ways to use plant and fungal biodiversity has the potential to generate wealth, reduce poverty, improve human well‐being and in theory incentivize biodiversity conservation. International and national policies and laws that aim to facilitate equitable benefit‐sharing associated with access to and use of genetic diversity need to be reviewed to help facilitate innovation, as well as ensure that the rights of communities to use these resources are recognized and supported. [ABSTRACT FROM AUTHOR]

Developing a governance framework for Marine Genetic Resources (MGRs) is a crucial element of the proposed treaty on the conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction (BBNJ). Negotiating countries' positions on MGRs, including questions on the sharing of benefits from their use, range from no regulation to elaborate infrastructure for access and benefit sharing (ABS) of all MGRs. This article proposes a Tiered Approach to MGR governance that finds a middle ground between negotiating countries' positions on ABS and aims to foster scientific research on samples and data, protect traditional and local knowledge, promote consistency with existing ABS frameworks within national jurisdiction and address conservation gaps including the absence of a biosafety framework. This practical activities approach to MGR governance provides an alternative to the 'one size fits all' approach to ABS currently under negotiation with range of governance options more suited to ABNJ's unique environmental and geo-political conditions. These include an ABNJ Activity Notification and Monitoring System, a Facilitated Information and Sample Sharing Hub, an ABNJ Benefit Sharing System and an End-user Due Diligence approach to monitoring and benefit sharing. This article concludes that MGR governance should implement the United Nations Convention on the Law of the Sea 's vision for an 'equitable and efficient' utilisation of resources and protection of the marine environment, offering a range of tools and approaches that complement ABS, but that are more diverse and flexible than the ABS concept alone. • This is a critical time for UN treaty negotiations on marine biological diversity in areas beyond national jurisdiction. • The Tiered Approach provides an alternative to the proposed 'one size fits all' framework for marine biological resources. • It proposes a range of governance options more suited to the areas' unique environment and geo-political conditions. • It offers a fresh approach to address digital sequence information and conservation measures in the governance framework. [ABSTRACT FROM AUTHOR]