The International Public Sector Accounting Standards Board (IPSASB) has released IPSASB SRS 1, Climate-related Disclosures, a new reporting standard for governments and other public sector organisations in communicating climate-related risks.
The standard, developed with support from the World Bank, is being positioned as the first climate disclosure framework tailored specifically to public sector reporting.
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World Bank global governance director Arturo Herrera said: “We are very happy to collaborate with IPSASB and support the development of these new sustainability reporting standards for the public sector.
“In the past, the focus of sustainability reporting has been on 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.”
SRS 1 has been drafted to be in line with the International Financial Reporting Standards Foundation’s (IFRS) S2, aiming to support more comparable and coherent climate-related disclosures across public and private sectors.
The IPSASB said the aim is to support market participants including lenders and other resource providers.
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By GlobalDataThe standard will apply to an entity’s general purpose financial reports for annual reporting periods starting on or after 1 January 2028, with early adoption allowed.
IPSASB chair Thomas Müller-Marqués Berger said: “Governments play a fundamental role in climate action, as their decisions can shape outcomes across the entire economy.
“Climate-related information is therefore essential for stronger public financial management as it provides insights into the climate-related risks and opportunities to governments’ operations.
“By doing so, the new disclosures enable efficient access to capital markets to mobilise the additional financing needed for climate resilience.”
