The World Bank Group’s Governance Global Department recently convened international finance leaders and development stakeholders in Washington, D.C., for the official presentation of IPSASB SRS 1, Climate-related Disclosures. This landmark release represents the first-ever public sector sustainability reporting standard issued by the International Public Sector Accounting Standards Board (IPSASB).
The event, titled “Advancing Climate Transparency,” highlighted the standard as a critical mechanism for governments to access climate finance and manage public resources effectively. Attendees noted that while private sector reporting has matured, the inclusion of the public sector is vital, given that governments account for a substantial share of global emissions and hold the unique power to set economy-wide climate policies.
IPSASB SRS 1 is designed to standardise how jurisdictions communicate climate-related risks and opportunities. By providing a consistent framework, the standard aims to build investor confidence and allow for better comparability between different nations, ultimately helping to mobilise climate capital at the scale required to meet global targets.
During the proceedings, leaders expressed a shared commitment to supporting the adoption of these standards across various jurisdictions, acknowledging that clear disclosures are the foundation of modern financial management.
IPSASB Chair Thomas Mueller-Marqués Berger said, “The ultimate success of IPSASB SRS 1 depends on how effective jurisdictions are at using it in practice. This World Bank event is a real turning point: global leaders are in agreement about the need to advance its use and want to work together to coordinate their efforts to turn ambition into action.”
Arturo Herrera, Global Director of Governance at the World Bank added, “Stronger, more consistent reporting through IPSASB SRS 1 is important for supporting better decision-making, building trust, and enabling governments to access the financing needed to respond effectively to challenges in a sustainable way.”
The launch concludes a significant period of development for the IPSASB, supported by the World Bank and various international donors, aimed at elevating the quality of public sector reporting on a global scale.
