The present invention provides a thermally sensitive composition that may be coated as a water-borne material onto a substrate to yield a printing plate precursor having an imageable coating. The thermally sensitive composition comprises a sulfated phenolic resin. The sulfated phenolic resin may be a sulfated novolak resin or a sulfated resole resin, for example. The thermally sensitive composition may include a water-soluble binder, such as polyvinyl pyrrolidone, and a radiation-absorbing component. The invention also provides a printing plate precursor that is developed in water after imaging. The precursor does not require chemical development with a developing solution containing organic solvents or inorganic additives. The imaged precursor is on-press-developable when used with a fountain solution. Methods for making and using the precursor are also provided.