NSW Treasury TPG24-33: What NSW Government Agencies Need to Do Now for Climate-Related Financial Disclosures

NSW public sector climate disclosure is now a governance issue

NSW Government entities are moving into a new era of climate-related financial disclosure. NSW Treasury’s TPG24-33: Reporting Framework for Climate-related Financial Disclosures sets minimum content requirements for climate-related financial disclosures by NSW government entities and is intended to guide reporting of climate-related risks and opportunities. NSW Government has also confirmed that minor updates were made to TPG24-33 in June 2025 and that the updated framework applies to the first and second years of reporting, including Phase 1 entities’ 2024–25 disclosures.

For agencies, statutory bodies, state-owned corporations and other public sector entities, this is not simply a sustainability exercise. It is a governance, finance, risk and accountability exercise.

Climate-related financial disclosures require entities to explain how climate-related risks and opportunities are identified, governed, managed and connected to future financial outcomes. That means climate disclosure work needs input from finance, risk, asset management, procurement, operations, sustainability, governance and executive teams.

What does TPG24-33 require agencies to think about?

TPG24-33 is important because it translates climate disclosure expectations into a public-sector reporting context. It asks entities to think about climate-related risks and opportunities in a structured way, including governance, strategy, risk management, metrics and targets.

This matters because public sector entities often have complex operating models. They may manage assets, infrastructure, transport networks, health services, education campuses, energy systems, procurement portfolios or grant programs. Each of those areas can be affected by physical climate risks, transition risks, policy shifts, insurance costs, capital planning, service continuity and stakeholder expectations.

A practical TPG24-33 readiness program should therefore answer five questions:

1.        Who is accountable?

Which board, committee, executive or management forum oversees climate-related financial disclosure?

2.        What risks and opportunities matter?

Which physical and transition risks could affect service delivery, assets, funding, operating costs, procurement or long-term planning?

3.        What evidence exists?

What data, assumptions, policies, risk registers, emissions data and asset information can support disclosure?

4.        How does climate connect to finance?

Are climate matters relevant to asset lives, impairment, provisions, capital planning, operating expenditure, insurance, revenue or service delivery assumptions?

5.        What is the roadmap?

What needs to improve over the next 12–24 months so reporting becomes more reliable, efficient and audit-ready?

Why early readiness matters

Many entities underestimate the effort required to prepare credible climate-related financial disclosures. The challenge is rarely just writing the final disclosure. The harder work is creating the underlying evidence base.

A robust readiness program should include:

• a climate disclosure gap assessment;

• governance and committee reporting pathways;

• an emissions and activity-data inventory;

• climate risk and opportunity workshops;

• scenario-analysis assumptions;

• a financial-statement connectivity review;

• a digital audit trail;

• an implementation roadmap.

This is particularly important for entities that will need to demonstrate how judgements were made, what evidence was relied on, and where assumptions or limitations remain.

How ESG Impact helps NSW public sector entities

ESG Impact supports public sector entities to move from uncertainty to a practical disclosure operating model. Our approach focuses on:

• readiness diagnostics against TPG24-33 and AASB S2;

• governance and accountability mapping;

• climate risk and opportunity registers;

• emissions data architecture;

• committee-ready reporting packs;

• climate-financial statements connectivity memos;

• audit-ready evidence trails; and

• 12–24 month implementation roadmaps.

Our goal is not to over-engineer the first year. It is to help entities establish the right foundations so climate reporting becomes practical, defensible and repeatable.

FAQ

What is TPG24-33?

TPG24-33 is NSW Treasury’s reporting framework for climate-related financial disclosures. It sets minimum content requirements for NSW government entities reporting climate-related risks and opportunities.

Does TPG24-33 align with AASB S2?

TPG24-33 is part of Australia’s broader movement toward climate-related financial disclosure and should be considered alongside AASB S2, ISSB / IFRS S2 and TCFD-style disclosure architecture.

What should NSW agencies do first?

Start with a readiness diagnostic. Agencies should identify current governance, data, risk and reporting gaps before investing in detailed scenario modelling or advanced quantification.

Contact Us:

ESG Impact helps NSW public sector entities prepare for TPG24-33 climate-related financial disclosure. Contact us to discuss a practical readiness diagnostic and implementation roadmap.