Sade Williams/Business a.m.
Charles Anosike, the director-general/CEO, the Nigerian Meteorological Agency (NiMet), has stressed the need for integration of climate related risk into sustainability reporting, saying climate change poses both physical risks and transition risks that can significantly impact a company’s financial performance and long-term viability.
He spoke 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 Rabiu Olowo, its executive secretary/CEO, for deepening national understanding of sustainability disclosures amid accelerating climate risks.
According to him, ‘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 (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’
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 percent of global GDP and contributing over 50 percent of greenhouse gas emissions — that are adopting or planning to implement ISSB Standards.
