Ecological interest theory of “Lucid waters and lush mountains are invaluable assets” and its application in the Yellow River Basin

To address the core challenges of quantifying ecological value and converting it into economic gains, this study proposes a theoretical framework of ecological interest (EI) based on the principle that “lucid waters and lush mountains are invaluable assets”. Three fundamental origins of ecological interest are explained, including the temporal value discount, the spatial ecological compensation, and the civilizational occupation-compensation balance. These three dimensions establish the logical connection between ecological and economic values. Setting a 5% annual simple interest rate as the benchmark and adopting “Lucid Waters and Lush Mountains” green certificates as the standardized ecological assets for property rights delineation and trading, this study demonstrates how ecological value can be quantified and traded. Accounting results from the Yellow River Basin show that the annual average ecological products in the nine provincial regions correspond to 2.755 billion green certificates, generating an annual realizable ecological interest of 13.775 billion CNY. These results also reveal a spatially uneven distribution of ecological value in the basin, characterized by abundance in the upper reaches and scarcity in the lower reaches. This theory provides a quantitative basis and practical approach for solving cross-regional ecological compensation problems and promoting the long-term conversion of ecological value. It offers solid economic support for building an ecological civilization.