Environmental Valuation
Environmental valuation is the process of assigning economic value to natural resources and ecosystems. This includes assessing the benefits provided by services such as clean air, water, and biodiversity. By quantifying these benefits, policymakers can make informed decisions about conservation and resource management.
Methods of environmental valuation include contingent valuation, which surveys people's willingness to pay for environmental improvements, and cost-benefit analysis, which compares the costs of environmental degradation to the benefits of preservation. These approaches help highlight the importance of protecting the environment for future generations and support sustainable development initiatives.