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[Display omitted] • We compared two valuation approaches to assess carbon sequestration ecosystem service. • The retired lands in the "Grain for Green" project was used as an illustration. • The dynamic method obtained high economic value from carbon sequestration. • The dynamic method decreased the possibility of biomass harvesting. Carbon sequestration plays an essential role in climate regulation, and its monetary value is critical for decision-making. To encourage carbon sequestration and avoid expensing the ecosystem services for future generations, a dynamic monetary valuation perspective was developed by integrating a carbon dynamics model of ecosystems and an atmospheric carbon cycle model. A case study of biomass utilization in Northern Shaanxi was conducted to illustrative the performance of this approach by comparing with the conventional approach. The carbon dynamics in the available lands were simulated by the CENTURY model under the RCP4.5 climate change scenario. The results suggested that the carbon storage was doubled without biomass utilization in the projected 25 years. When biomass was harvested, carbon storage decreased slightly. The monetary value without biomass harvesting in the dynamic approach was higher than that in the conventional approach. After analogizing the monetary values of carbon sequestration and biomass utilization, there was a lower likelihood of biomass harvesting in the dynamic approach than in the conventional approach. [ABSTRACT FROM AUTHOR]