By Abdullahi Lukman
The Nigerian Meteorological Agency (NiMet) has underscored the growing importance of climate risk as a central element in sustainability reporting, calling for enhanced transparency and accountability from companies on their climate impacts and strategies.
This was stated by NiMet Director-General Professor Charles Anosike 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).
Professor Anosike praised the FRC’s leadership for advancing national awareness of sustainability disclosures amid rising climate risks.
He explained that climate change introduces physical risks, such as extreme weather events, and transition risks from policy and technological shifts, all of which can affect corporate financial health and longevity.
A key challenge identified is the collection and verification of reliable climate data, with NiMet pledging to collaborate with the FRC and other stakeholders to improve data quality and integrate climate considerations into economic decision-making.
The ISSB standards offer a comprehensive framework for companies to report on governance, strategy, risk management, metrics, and targets related to sustainability, with specific guidance on climate risks and opportunities.
Nigeria is among 30 jurisdictions covering over half of global GDP and greenhouse gas emissions that are adopting or preparing to implement these standards.
The roundtable also featured ISSB Board Member Dr. Ndidi Nnoli-Edozien, among other key participants.
