The Director General/CEO of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, has said that climate risk integrationn is key to sustainability reporting in Nigeria.
Anosike said this on Wednesday 20th August at the 2nd Regulatory Roundtable on the Implementation of ISSB’s Sustainability Reporting Standards in Nigeria, hosted by the Financial Reporting Council (FRC) of Nigeria.
Delivering a goodwill message, Anosike commended the FRC’s leadership under Executive Secretary/CEO, Dr. Rabiu Olowo, for deepening national understanding of sustainability disclosures amid accelerating climate risks.
He noted that “in this era of climate change, sustainability reporting is evolving to encompass climate risk as a core element, demanding greater transparency and accountability from companies regarding their climate-related impacts and strategies.
“Climate change poses both physical risks like extreme weather events and transition risks, for instance; policy changes, and technological shifts that can significantly impact a company’s financial performance and long-term viability”.
Anosike emphasised that one of the most fundamental hurdles for preparers is the collection and verification of reliable data. He pledged NiMet’s readiness to collaborate with the FRC and relevant organisations to strengthen access to quality climate data and ensure climate considerations are integrated into strategic decision-making across the economy.
ISSB reporting standards provides a framework for companies to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, and metrics and targets. This is supported by more detailed guidance on how to report on climate-related risks and opportunities in the climate standard.
Nigeria is recognised as one of 30 jurisdictions representing 57 per cent of global GDP and contributing over 50 per cent of greenhouse gas emissions—that are adopting or planning to implement ISSB Standards.