The use of ITQs in resource management dates back to the 1960s and was first seen in ‘pollution quotas’, which are now widely used to manage carbon emissions from power utilities. For both air and marine resources ITQs use a ‘cap-and-trade’ approach by setting typically annual limits on resource exploitation (TAC in fisheries) and then allowing trade of quotas between industry users. However, ITQ use in fisheries is fundamentally different from pollution quotas, since the latter regulate the by-product of an industry, whereas fishery ITQs regulate the actual output product of the fishing industry, and thus amount to exclusive industry participation rights.