Total Economic Value

Total Economic Value (TEV) is a framework used to assess the overall worth of natural resources and ecosystems. It encompasses both use values, which reflect the benefits we derive from these resources (like fishing or tourism), and non-use values, which include the intrinsic value of nature and its preservation for future generations. TEV helps policymakers understand the full benefits of conservation and sustainable management by capturing not just the financial aspects but also the social, cultural, and environmental importance of natural assets. This holistic view supports informed decision-making for economic and environmental sustainability.