In the context of US fisheries, the term “catch shares” refers to a system in which the government grants fishing rights (quotas) to individuals or companies on a de facto permanent basis and establishes a market for buying, leasing or selling those rights. In other parts of the world, this same approach is referred to as Individual Transferable Quotas (ITQs), or Transferable Fishing Concessions (TFCs).
Oceans are home to thousands of species of animals and plants that provide an essential source of food, nutrition and income for millions, including many of the world’s poorest people. We all agree that our oceans are worth protecting. Indeed, one of the Global Goals for Sustainable Development calls for the conservation and sustainable use of our oceans, seas and marine resources. This makes perfect sense.