The Director-General/CEO of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, has advocated Climate risk integration into sustainability reporting.
Professor Anosike asserted that sustainability reporting is evolving to encompass climate risk as a core element and is demanded greater transparency and accountability from companies regarding their climate-related impacts and strategies.
He made the assertion at the 2nd Regulatory Roundtable on the Implementation of International Sustainability Standards Board (ISSB) Reporting Standards in Nigeria.
The event was hosted by the Financial Reporting Council (FRC) of Nigeria.
Climate Risks
Prof. Anosike commended the FRC’s leadership under the Executive Secretary/CEO, Dr. Rabiu Olowo, for deepening national understanding of sustainability disclosures amid accelerating climate risks.
According to the NiMet boss, climate change poses both physical risks, transition risks that can significantly impact a company’s financial performance and long-term viability.
He cited extreme weather events as one of the physical risk, while policy changes and technological shifts were cited as part of the transition risk
Prof. 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
ISSB reporting standards provide a framework for companies to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, 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% of global GDP and contributing over 50% of greenhouse gas emissions, that are adopting or planning to implement ISSB Standards.
Also present at the meeting was Dr. Ndidi Nnoli-Edozien (ISSB Board Member), among others.
