Dr Jeremy Cheesman

PhD (ANU), MCom (UNSW), BSc (Hons) (UNSW)


Environment & Climate Change, Public Policy, Water, Other Sectors, Agriculture & Earth Resources


Market design, Market performance & evaluation, Non-market valuation, Policy design, Governance & institutions, Policy evaluation & reform, Strategy design, Due diligence, Strategy performance evaluation & reform, Investment appraisal & business cases, Quantitative methods & modelling

Jeremy is a leading applied natural resource and environmental economist, specialising in water and the environment. Contact Jeremy if you want to talk about how governments can help scale and accelerate private investment in natural capital, environmental markets, environmental economics, investment appraisal, non-market valuation, environmental-economic accounting, or environmental governance and policy design.

Jeremy has significant and award-winning experience in the Australian urban and rural water sectors, and waterway and catchment economics and policy. He has strong trusted networks across senior levels of Government and industry. Clients like working with Jeremy for his leading expertise in environmental economics, his deep industry networks, and his practical and proven approaches for delivering environmental and natural resource economics, policy and market work.

Examples of Jeremy’s work include:

  • Environmental and natural capital markets, funding and financing, and investment attraction mechanisms. Jeremy is an advisor to governments, the private sector, and NFPs on environmental markets, and approaches for scaling and accelerating investment in natural capital. He has experience working with government agencies at the state and national levels to create plans and policies that encourage private sector investment in projects that protect biodiversity and align with government goals for nature conservation, such as Biodiversity 2037 in Victoria and Saving Our Species in New South Wales. In 2023, Jeremy was part the consortia that delivered the independent review of the Agriculture Biodiversity Stewardship Pilots to inform implementation of the Nature Repair Market. He also advises governments on how to improve the design, management, and pricing of programs that compensate for environmental impacts, such as the NSW Biodiversity Conservation Fund. He led the development of the Victorian stormwater offsets recommendations as a member of the Victorian Stormwater Ministerial Advisory Committee, and has developed and helped implement innovative urban stormwater offset schemes with around 10 Victorian Councils. He was the lead economist in the team that developed the Victorian water quality offsets framework, and has designed innovative and award-winning auctions and cap and trade approaches to address urban and rural catchment and waterway issues, and vegetation management issues. He is a Founding Director of the Waterflow water market information platform.
  • Regulation, policy, governance and institutions. Jeremy has worked extensively with all levels of Government to design, evaluate and reform natural resource and environmental regulation, governance and policy. Work includes advising Infrastructure Victoria in 2019 on water governance reform opportunities, and on the social and economic implications of Basin water policy and reforms as part of the 2020 Independent Assessment on Social and Economic Conditions in the Murray-Darling Basin and the 2020 Murray-Darling Basin Plan Evaluation. He has also led regulation, governance, policy design and reform assessments covering urban water policy, catchment policy, and native vegetation policy, among others. Jeremy regularly works with Boards, Ministerial Advisors and senior executives.
  • Investment appraisal. Jeremy is one of Australia’s leading advisors to State and Commonwealth governments on the economics of stormwater, catchments and waterways. He has extensive and award-winning experience in designing and delivering investment prioritisation projects and program evaluations. In the last couple of years work has included working with urban water businesses across Australia to develop robust and defensible investment cases for integrated water management investments, including the Western Sydney Regional Master Plan; partnering with the Queensland Government to prioritise the $8.2 billion of investments needed to achieving regional water quality targets for the Great Barrier Reef; partnering with NSW, WA and Victorian water businesses to develop robust and defensible frameworks and investment logics for sub-regional stormwater, catchment and waterway investment, and working with Victorian Catchment Management Authorities to demonstrate the benefits of environmental flow investments.
  • Non-market valuation. Jeremy is one of Australia’s leading non-market valuation practitioners. He has published around a dozen peer reviewed non-market valuation papers and has tutored and lectured in non-market valuation at the Australian National University. Jeremy has undertaken more than 50 non-market valuation studies over the past five years, including estimating the economic value of watershed services provided by Victorian Parks; evaluating the economic benefits of environmental flow regimes in the Murray Darling Basin; estimating the non-market economic benefits of integrated water management (IWM) and water sensitive urban design (WSUD); estimating water business customers’ willingness to pay for discretionary investments to support pricing submissions; and establishing environmental parameters values in the Australian Transport Assessment and Planning Guidelines. He has designed and implemented more than two dozen stated-preference and revealed preference survey and studies.
  • Environmental-Economic Accounting (EEA). EEA is a framework for organising statistical information to help decision-makers better understand how the economy and the environment interact. In April 2018 the Australian Government and all states and territory governments agreed on a National Strategy and Action Plan to implement EEA across Australia. In 2021 Jeremy is part of a consortium working with the Department of Agriculture Water and Environment to develop pilot experimental ecosystem accounts for the Gunbower-Koondrook-Perricoota Forest Icon Site.

Jeremy has more than two decades of experience in natural resource and environmental economics. He has worked on environmental economic and natural resource matters across Australia, the US, and South-East Asia and published more than a dozen peer-reviewed papers. His PhD focused on integrated hydro- and bio-economic modelling to inform natural resource management investment prioritisation in impaired intensive agriculture and urban catchments using spatial modelling, production efficiency analysis, non-market valuation and benefit cost analysis.

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