Highlights: Government Sustainability Reporting in 2023

On 4 April 2023, the?James Martin Institute?hosted an interactive panel event at the 澳大利亚悉尼大学 about whether and how governments should be disclosing their sustainability impact.

The event marked the launch of the JMI Policy Insights Paper “Sovereign Sustainability Reporting – NSW and Beyond”, written by?Dr Angela Cummine ?during her time as the inaugural JMI Senior Policy Fellow. Angela did the fellowship while on leave from her usual role as Director, Sustainable Finance at NSW Treasury .

Over 50 experts from governments, financial institutions, peak bodies, think tanks and universities participated in the event.

A closer look at the why and how

“Angela’s fellowship created the space for some deep thinking about the trajectory of the increasingly important topic of government sustainability reporting. Her analysis is highly insightful, and her ideas on the potential way forward in NSW are timely and compelling,”?Dr Vafa Ghazavi , JMI’s Executive Director for Research and Policy and event moderator, said. “Off the back of a pioneering piece of research, this launch event was a great success.”

“The Policy Fellowship program offered me a unique opportunity to dive deeper into this policy challenge.” Dr Cummine said. “The program allows public servants like me to combine practitioner expertise with sustained research to advance policy innovation and enhance public sector capability in NSW.”

Reporting is strategy

In addition to?Dr Angela Cummine, the panel included?Dr Kar Mei Tang (PhD) , Head of Australasia at Principles for Responsible Investment ,?Dr Anna Young-Ferris, PhD, SFHEA ,?Senior Lecturer of Accounting at the The University of Sydney Business School ; and? Sean Osborn , Director of Accounting Policy at NSW Treasury .

The panellists shared their experiences and insights on various aspects of sustainability reporting, such as double materiality, the risks of greenwashing, investor and stakeholder engagement, data quality, and the changing landscape for reporting standards.

Participants also stressed the need for governments to integrate sustainability reporting into their overall strategy and create meaningful and actionable sustainability reports.

“Governments need to take a good look at the kind of disclosures they’re providing to investors,” said Dr Kar Mei Tang in an interview after the event. She argued that this would enable governments to “better assess sovereign bond risks and […] the economic risks inherent in their economies.”

An opportunity to take the lead

During his remarks, Luke Heilbuth , CEO of?BWD, the event sponsor, said that “the notion that sovereigns should report on their sustainability-related actions will soon seem as fundamental to the work of government as overseeing the conservation of nature.”

The session concluded with a call to action for governments to step up their efforts on sustainability reporting and to lead by example in the transition towards a more sustainable and equitable future.

Christian Gergis , Head of Policy at the Australian Institute of Company Directors , said he was excited to see the conversation about the role the public sector can play in “disclosing the climate risks and opportunity, and how they’re going to manage towards their ambitious goals – goals that we need to achieve as a community, as a society.”

“The government needs to be proactive; the government needs to take the lead,” said Joyce Low FCA , Chief Financial Officer and Director, Governance and Risk at the Office of the Public Service Commissioner , in an interview after the event.

Download the Policy Insights Paper

• At a glance
• Full report?

About the JMI Policy Fellowship

The JMI Policy Fellowship provides public servants with an opportunity to pursue independent and rigorous policy-relevant research with a strong potential to generate public value and impact. Fellows analyse a significant policy challenge or opportunity for NSW and develop bold yet feasible recommendations for government action. The Fellowship aims to contribute meaningfully to future policy options benefiting the people of NSW.

About the James Martin Institute for Public Policy

The James Martin Institute for Public Policy (JMI) is an independent, non-partisan policy institute. Our mission is to bring government, academic and other experts together to develop practical solutions that address societal challenges and improve lives. JMI was launched in 2021, following a generous grant from the NSW Government with matched funding from a group of NSW universities. Our university partners now include the University of Sydney, Western Sydney University, the University of Technology Sydney, the University of New South Wales and Charles Sturt University. Learn more at jmi.org.au