About climate-related financial disclosures
The NSW Government is committed to reaching net zero carbon emissions by 2050 and making NSW more resilient to climate change. Public sector entities need to provide information about their climate-related risks and opportunities, and how they are being managed. 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 out the minimum content requirements for climate-related financial disclosures by NSW government entities. It helps to guide entities in reporting 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.
The Reporting Framework covers:
- Disclosure requirements: the Reporting Framework specifies mandatory disclosures under the areas of governance, strategy, risk management, and metrics and targets
- Key principles: entities must adhere to mandatory principles on fair presentation, materiality, consolidated reporting, and connected information when preparing their disclosures.
- Recommended considerations: these are additional considerations that may support the entities in preparing their disclosures, including organisational context, maturity and proportionality.
TPG24-33 also provides examples and guidance to help entities meet these requirements.
The NSW framework is closely informed by the Australian Sustainability Reporting Standards, developed by the Australian Accounting Standards Board with some adjustments to reflect NSW public sector circumstances and capabilities.
Under TPG23-10 Annual Reporting Requirements (PDF 1.7MB), NSW government agencies, businesses, and universities are required to include climate-related financial disclosures alongside their annual reports. This will be implemented over 3 phases, starting from the 2024-25 financial year, or the 2025 calendar year where applicable.
The following phase 1 entities are required to prepare their climate-related financial disclosures for the 2024-25 financial year, or the 2025 calendar year, in-line with their annual reporting obligations. The requirements for phase 1 have been finalised through Treasurer’s Direction TD25-04, released on 11 July 2025.
| Phase 1 entity name | Phase 1 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 Manager of New South Wales |
| 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 |
The following phase 2 entities are required to prepare their climate-related financial disclosures for the 2025-26 financial year, or the 2026 calendar year. The Treasurer’s Direction for phase 2 entities and details for phase 3 will be communicated in 2026.
| Phase 2 entity name | Phase 2 entity name |
|---|---|
| Aboriginal Housing Office | Royal Botanic Gardens and Domain Trust |
| Art Gallery of New South Wales | Service NSW |
| Australian Museum | State Library of New South Wales |
| Corrective Services NSW | Sydney Olympic Park Authority |
| Energy Corporation of New South Wales | Sydney Opera House Trust |
| Infrastructure NSW | TAFE Commission |
| Legal Aid Commission of New South Wales | Venues NSW |
| Local Land Services | Zoological Parks Board of New South Wales |
| Museums of History NSW | Charles Sturt University |
| New South Wales Government Telecommunications Authority | Macquarie University |
| NSW Reconstruction Authority | University of New England |
| NSW Rural Fire Service | University of Newcastle |
| NSW Trains | University of Technology Sydney |
| Place Management NSW | University of Wollongong |
| Property and Development NSW | Western Sydney University |
| Museum of Applied Arts and Sciences |
For more information on the Reporting Framework or Climate-related financial disclosures, please contact Sustainabilitydisclosures@treasury.nsw.gov.au
Climate Risk Ready NSW Hub
The Climate Risk Ready NSW Hub is an internal to government platform managed by the NSW Department of Climate Change, Energy, the Environment and Water (NSW DCCEEW).
The Hub provides a collection of resources designed to support NSW Government entities to continuously improve management of climate-related risks and opportunities and preparation of climate-related financial disclosures. Resources available through the Hub include practical guidance, tools, e-learning modules, and workshop-based learning opportunities.
Developed to meet the evolving skills needs across the sector, the Hub is regularly updated with new content.
Access to the Hub is currently limited to NSW Government entities, including agencies, state-owned corporations, and universities. To request membership, please complete the Climate Risk Ready NSW Hub registration form.
Staff from NSW Local Governments and non-NSW governments are invited to express their interest in joining via the Climate Risk Ready NSW Hub EOI form.
For any enquiries, please contact: climate.risk@environment.nsw.gov.au.
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