About climate-related financial disclosures
Our aim is to reach net zero carbon emissions by 2050 and make NSW stronger against climate change. Public sector entities need to share their climate-related risks and opportunities, and what they are doing about them. This helps us to understand what's happening and drives climate action. It also meets the growing demand for this information from the community, investors, lenders, and other stakeholders.
The TPG24-33: Reporting framework for climate-related financial disclosures (PDF 1.05MB) sets the basic rules for the required climate-related financial disclosures by NSW government entities. It helps to guide entities in sharing their climate-related risks and opportunities.
Minor updates (PDF 92.46KB) were made to TPG24-33 in June 2025. The updated reporting framework now applies to both the first and second years of climate-related financial disclosures, including phase 1 entities' 2024-25 disclosures.
Key principles: Entities must follow principles like:
- fair presentation
- materiality (relevant information)
- consolidated reporting
- connected information when making disclosures.
Recommended considerations: The framework also suggests other considerations like the entity's context, maturity (end date), and proportionality to help with disclosures.
Disclosure requirements: The framework outlines what must be disclosed in areas like:
- governance
- strategy
- risk management
- metrics and targets.
It also provides examples and guidance to help entities meet these requirements.
The NSW framework is based on the Australian Sustainability Reporting Standards, developed by the Australian Accounting Standards Board and had been adjusted for NSW Government needs and capabilities.
Under TPG23-10 Annual Reporting Requirements (PDF 859.35KB), NSW government agencies, businesses, and universities must include climate-related financial disclosures in their annual reports. This starts in 3 phases, starting from the 2024-25 financial year, or the 2025 calendar year.
In phase 1, these entities will need to prepare their first climate-related financial disclosures for the 2024-25 financial year, or the 2025 calendar. This is in-line with their annual reporting and will be made formal through a Treasurer’s Direction. Details for phases 2 and 3 will be confirmed over the coming months.
| Entity name | Entity name |
|---|---|
| Department of Climate Change, Energy, the Environment and Water | New South Wales Treasury Corporation |
| Department of Communities and Justice | Newcastle Port Corporation |
| Department of Creative Industries, Tourism, Hospitality and Sport | NSW Police Force |
Department of Customer Service | Premier's Department |
| Department of Education | Sydney Metro |
| Department of Planning, Housing and Infrastructure | Sydney Trains |
| Department of Primary Industries and Regional Development | Sydney Water Corporation |
| Environment Protection Authority | The Cabinet Office |
| Essential Energy | Transport Asset Holding Entity |
Forestry Corporation of New South Wales | Transport for NSW |
| Hunter Water Corporation | Treasury |
| icare | University of New South Wales |
| Landcom | University of Sydney |
| Ministry of Health | Water NSW |
| New South Wales Land and Housing Corporation |
Submissions for consultation on the proposed updates to the Framework for Financial and Annual Reporting have now closed. The consultation included who will need to prepare Climate-related financial disclosures as part of their annual reports and which entities are part of phase 2. You can learn more in the consultation paper (PDF 169.45KB).
For more information on the Reporting Framework or Climate-related financial disclosures, contact [email protected].
Climate Risk Ready Hub
The NSW Department of Climate Change, Energy, the Environment and Water (NSW DCCEEW) offers resources to help NSW Government entities understand, assess, action and disclose climate-related risks and opportunities.
The hub is designed to meet the new skills demand in the sector, with new resources added regularly.
Currently, only NSW Government entities, State Owned Corporations and universities only, required to disclosure under TPG24-33: Reporting framework for climate-related financial disclosures (PDF 1.05MB) can access the hub.
For access to the Climate Risk Ready hub, email [email protected], we will process your request within 7 business days.
Contact NSW Treasury
For general or media enquiries, complete our online form or visit our Contact us page.
- Address: 52 Martin Place, Sydney, NSW 2000 (Enter via 127 Phillip Street)
- Post: GPO Box 5469, Sydney, NSW 2001