To value or not to value? That is not the question

•Ecological economics' critique of valuation can benefit from political ecology.•The monetary valuation of nature is undesirable in most, but not necessary in all, situations.•Monetary valuation is fine if part of socio-political processes that bring more equality and improve the environment.

Should we reject money when we value nature? Like most environmentalists, ecological economists are increasingly divided on this question. Synthesizing political ecology with ecological economics, we argue that this way of framing the question is limited. We propose a reformulation of the question into “when and how to value with money?” and “under what conditions?” We recommend four criteria for a sound choice: environmental improvement; distributive justice and equality; maintenance of plural value-articulating institutions; and, confronting commodification under neo-liberalism. We call for due attention to the socio-political context within which a valuation is placed and the political goals it serves. The relevance of this framework is demonstrated by applying it to three practical cases: pollution damages, water pricing and payments for ecosystem services.