Governments face risks related to climate change and extreme weather events. However, there was a lack of clear public sector guidance on how to disclose them and inform accountability and decision-making.

To address this gap, the International Public Sector Accounting Standards Board (IPSASB) today issued IPSASB SRS 1, Climate-related Disclosures, the first-ever public sector standard to help governments and public sector entities report climate-related risks and opportunities clearly and consistently.

IPSASB SRS 1 was developed with support from the World Bank, which works to create a world free of poverty on a livable planet through a combination of financing, knowledge, and expertise.

“Governments play a fundamental role in climate action, as their decisions can shape outcomes across the entire economy”, said IPSASB Chair Thomas Müller-Marqués Berger. “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 mobilize the additional financing needed for climate resilience.”

“We are very happy to collaborate with IPSASB and support the development of these new sustainability reporting standards for the public sector,” said Arturo Herrera, World Bank Global Director for Governance. “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.”

IPSASB SRS 1 is aligned with IFRS S2 to enhance the consistency and comparability of climate-related disclosures across the public and private sectors for market participants, in particular for lenders and other resource providers.  

Access IPSASB SRS 1, Climate-related Disclosures. IPSASB SRS 1 applies to an entity’s general purpose financial reports for annual reporting periods beginning on or after January 1, 2028. Earlier adoption is permitted.

Learn more at the IPSASB’s webinar

To support adoption, IPSASB will host a global webinar on February 12, 2026, 8:00–9:00 a.m. EST (13:00–14:00 UTC), where participants can learn about the standard, ask questions, and explore practical implementation strategies. Register now.

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the World Bank

The World Bank Group works to create a world free of poverty on a livable planet through a combination of financing, knowledge, and expertise. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, please visit worldbank.org, ida.worldbank.org, miga.org, ifc.org, and icsid.worldbank.org.

Funding for the project is through the World Bank’s Financial Management Umbrella Program. The Program is supported by the Australian Department of Foreign Affairs and Trade, the Government of Austria, the Bill & Melinda Gates Foundation, the European Union, the Swedish International Development Cooperation Agency, Switzerland’s State Secretariat for Economic Affairs, the United Kingdom’s Foreign, Commonwealth and Development Office, and the United States Agency for International Development.

About the Public Interest Committee

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

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