I think it's an interesting concept. As I think about it, we already have a weak version of this in the form of lobbying and political organizing. If a company wants to destroy an old growth forest to build a parking lot, in many areas they need permits / zoning etc. People who would suffer if the forest were destroyed -- people who live nearby, environmentalists, etc -- can raise money and lobby, or organize politically, to make their case, as can those who would benefit -- the company building the parking lot, maybe some neighbors who value more parking more than they value the environment.

I think the issue with this system is that generally the groups imposing the externality are more organized, and often wealthier, than the groups who suffer from it (tragedy of the commons again). Getting the trees cut down may be priority #1 for the company, and opposing it might be priority #30 for a few hundred people. Priorities that low are effectively zero, since most people dont even have time to handle their important priorities

I feel like your idea could potentially tip the balance in the favor of the "commons" by imposing a higher upfront cost to the creator of negative externalities, but I can't really put my finger on whether that is true.