The Independent Pricing and Regulatory Tribunal (IPART) has adopted a statement and framework on climate change to help guide its work.
Announcing the move, the Tribunal said the Framework set expectations for its stakeholders and regulated entities about how it would address climate change in its reviews and functions.
IPART said the Framework came out of its Strategic Plan, which set a key aspiration that the Tribunal’s decisions help NSW to tackle climate change.
“Climate change is one of the most significant issues that will impact the lives of people in NSW now and into the future,” it said.
“Climate change presents far-reaching economic, social, ecological, health and safety risks.
“These include direct physical risks, such as extreme weather events, and transitional risks from adjusting to a net zero economy.”
IPART said these risks presented challenges in the sectors it regulated including water, energy, transport and Local Government.
“In this context, we aim to make decisions that mean the people of NSW and future generations will continue to benefit from safe, reliable and affordable services that meet their needs over the long term,” the Tribunal said.
“We consider climate change risks when undertaking our regulatory functions or reviews.”
IPART said it encouraged solutions that mitigated or adapted to climate change by its regulated entities or industries based on science, innovation and economics.
