Director General of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, has emphasised the need for collaboration to integrate quality weather and climate data into sustainability reporting.
Speaking at the Investor Roundtable hosted by the Nigerian Exchange Group (NGX) to commemorate the International Sustainability Standards Board (ISSB) Preparers Readiness Programme, Anosike highlighted the critical role of climate data in informed decision-making.
The Risks of Climate Changes
Extreme weather events pose significant risks to financial institutions, including increased costs, physical risks, and liquidity issues. Climate disasters can impact borrowers’ ability to repay loans, leading to increased credit risk, and cause market risks as asset values decline. Moreover, climate damages strain private insurance markets, shifting costs to government-run plans and raising sustainability concerns.
Importance of Climate Data
Reliable climate data is essential for various sectors, including:
Agriculture: boosting productivity and food security
Aviation: ensuring safety
Construction: informing building designs
Disaster Preparedness: saving lives and property
Maritime Operations: guiding safe navigation
Public Health: predicting disease outbreaks
Infrastructure Development: supporting sustainable economy
Anosike emphasised NiMet’s role as Nigeria’s climate custodian, providing critical weather and climate information to support sustainable development. He called for greater investment, mutual engagement, and quality climate data sharing to foster trust, transparency, and collective progress toward climate-informed goals.
Call to Action
Anosike urged financial regulators and stakeholders to integrate climate risk management into financial reporting, ensuring that sustainability reporting is informed by accurate climate data.
This collaboration will help mitigate the impacts of climate change and promote a sustainable economy in Nigeria.