The global push to include ecocide as an international crime at the International Criminal Court has gained significant momentum. This article critically examines the proposed Law of Ecocide, analyzing its relationship with the often-overlooked yet influential realm of international investment law and arbitration (IILA). We argue that IILA sustains global capitalism, which in turn drives ecocide. By focusing on criminalization, the proposed law risks overlooking the legal corporate practices that cause the most devastating environmental harm. These practices thrive within what David Whyte calls ‘regimes of permission,’ which both enable ecocidal activities and perpetuate neo-colonial power structures. Through a review of key arbitration cases, we illustrate how these legal mechanisms sustain environmental destruction. Ultimately, the article argues that the Law of Ecocide will fail to address IILA’s role in driving ecocide, leaving the most harmful industries and practices unchallenged.