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Once it is known at what level each fishery in the world can be fished while not exceeding the maximum sustainable yield (MSY) level, we must ensure that fisheries are only fished up to that level. Quotas have been implemented over the last few decades in an attempt to achieve this goal. These quotas vary in type and specific purpose, but they all aim to set a limit on how much fish can be removed from a given fishery in order to prevent overfishing. Quotas are discussed in detail in other sections of this report, and they are a useful tool that we intend to continue using. Yet, a simple quota-based system has failed to deliver the widespread halt in overfishing necessary to save the fish. Therefore, a more comprehensive approach, such as one involving Individual Transferable Quotas (ITQs), is needed.
We recommend an ITQ-based fishery management system endorsed by economist William Wheaton. The quotas would be based on scientific knowledge. An international group of biologists would divide the ocean into perhaps twenty or thirty distinct regions. They would use fish population data to assess the ecological health of fisheries and determine the fisheries' relative risks of being overfished. The biologists would then determine the Total Allowable Catch (TAC) for a specific species in a region, which will be a certain margin below the actual MSY level as an environmental precaution. Next, regional fishery councils would distribute ITQs which sum to the TAC. We recommend that these fishing quotas be auctioned by the regional fishery council; essentially, this would make the buyer pay for the ecological damage resulting from his fishing (W. Wheaton, personal communication, November 21, 2007).
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