economic valuation of nature

Economic valuation of nature refers to the process of assigning monetary value to natural resources and ecosystems, which are often overlooked in traditional economic measures. This involves assessing the benefits that nature provides, such as clean water, biodiversity, and climate regulation. By quantifying these services, policymakers can make informed decisions that balance development and environmental preservation. This valuation helps highlight the importance of nature in sustaining economies and improving quality of life, ultimately supporting sustainable practices and conservation efforts.