Biochemical production faces economic and environmental challenges that need to be overcome to enable a viable and sustainable bioeconomy. We propose an assessment framework that consistently combines environmental and economic indicators to support optimized biochemical production at early development stages. We define internally consistent system boundaries and a comprehensive set of quantitative indicators from life cycle assessment (LCA) and techno-economic assessment (TEA) to combine environmental and economic performance in a single score. Our framework enables the identification of trade-offs across environmental and economic aspects over the entire biochemical life cycle. This approach provides input for the optimization of future biochemicals in terms of overall sustainability, to overcome prevailing obstacles in the development of biochemical production processes.