Mountains occupy 24% of the global land surface area and are home to 12% of the world’s population. About 10% of the world’s population depends directly on mountain resources for their livelihoods and wellbeing, and an estimated 40% depends indirectly on mountain resources for water, hydroelectricity, timber, biodiversity and niche products, mineral resources, flood control, and recreation (Schild 2008). Yet despite this important contribution, mountains are still marginalised in the development agenda, and the importance of mountain ecosystem services is not properly recognised. This paper aims to bridge this gap by outlining a general framework for economic valuation of ecosystem services focusing on mountain specific situations, which could be applied in the Hindu Kush-Himalayan region.