Sustainability reporting is evolving to encompass climate risk as a core element. This evolution demands greater transparency from companies. More on NiMet
It requires accountability regarding their climate-related impacts and strategies.
Director-General of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, spoke at the 2nd Regulatory Roundtable. Read Also
The event focused on implementing the ISSB’s Sustainability Reporting Standards in Nigeria. The Financial Reporting Council (FRC) of Nigeria hosted the meeting.
Professor Anosike commended the FRC’s leadership. He praised Executive Secretary/CEO Dr. Rabiu Olowo for deepening national understanding of sustainability disclosures.
This is crucial amid accelerating climate risks. 
He stressed that climate change poses both physical and transition risks.
These climate risks, such as extreme weather or policy shifts, can significantly impact a company’s financial performance and long-term viability.
Furthermore, one of the most fundamental hurdles for preparers is collecting and verifying reliable data. This data is essential for assessing a company’s exposure to climate risk.
Professor Anosike pledged NiMet’s readiness to collaborate. NiMet will work with the FRC and other relevant organizations. This will strengthen access to quality climate data.
The goal is to ensure climate risk considerations are integrated into strategic decision-making across the economy.
The ISSB reporting standards provide a framework for companies to report on all relevant sustainability topics.
These topics include governance, strategy, risk management, and metrics and targets.
This is supported by detailed guidance on how to report on climate risks and opportunities in the climate standard.
Nigeria is recognized as one of 30 jurisdictions adopting or planning to implement ISSB Standards. These jurisdictions represent 57% of global GDP.
They also contribute over 50% of greenhouse gas emissions. Among others present was Dr. Ndidi Nnoli-Edozien, an ISSB Board Member.
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