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) has 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.