The Director-General/CEO of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, says 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.
He made the assertion at the 2nd Regulatory Roundtable on the Implementation of International Sustainability Standards Board (ISSB) Reporting Standards in Nigeria, hosted by the Financial Reporting Council (FRC) of Nigeria.
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.
He noted that “climate change poses both physical risks (e.g., extreme weather events) and transition risks (e.g., policy changes, technological shifts) that can significantly impact a company’s financial performance and long-term viability.”
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 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.