Governments are increasingly exposed to climate-related risks and extreme weather events, but have so far lacked clear public-sector guidance on how to disclose these impacts in a way that supports accountability and decision-making.
To address this gap, the International Public Sector Accounting Standards Board (IPSASB) has issued IPSASB SRS 1, Climate-related Disclosures, marking the first global standard designed specifically to help governments and public-sector entities report climate-related risks and opportunities in a clear, consistent manner.
The new standard was developed with support from the World Bank, which provides financing, knowledge and technical expertise to advance sustainable development worldwide.
“Governments play a fundamental role in climate action, as their decisions can shape outcomes across the entire economy,” said Thomas Müller-Marqués Berger, Chair of the IPSASB. He added that climate-related information is essential for stronger public financial management, offering insights into risks and opportunities affecting government operations, while also enabling more efficient access to capital markets to mobilise financing for climate resilience.
Arturo Herrera, Global Director for Governance at the World Bank, said the collaboration reflects a shift in sustainability reporting beyond the private sector. “With the public sector responsible for a significant share of global emissions, these new standards represent an important opportunity to make more complete climate-related information available to the public,” he said.
IPSASB SRS 1 is aligned with IFRS S2, supporting greater consistency and comparability of climate-related disclosures across public and private sectors, particularly for lenders and other providers of capital.
