Prof. Charles Anosike, Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), has urged financial regulators and other key stakeholders to incorporate climate risk management into their financial reporting.
Speaking in Abuja on Thursday, Anosike was the guest of honor at a Regulatory Roundtable discussion organized by the Financial Reporting Council of Nigeria.
The event focused on implementing the International Sustainability Standards Board’s reporting guidelines in Nigeria. Anosike praised the Financial Reporting Council of Nigeria and its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, for hosting the insightful event.
“This is a great feat by the FRC and the Executive Secretary/CEO, Dr. Rabiu Olowo. I have been in the sustainability profession for quite a while now and we couldn’t get this done over ten years ago.
“Climate change has become a top priority for our leaders in financial institutions. Because climate change is a threat multiplier, it calls for a new epistemology of risk that acknowledges not just the uncertainty but also the anthropogenic factors. The systemic risk of climate change explains why it is in the interest of regulators to ensure that climate risks, both current and future, are identified and disclosed by institutions”.
He further said that due to the strategic importance of climate risk, in the transition to net zero, it is evident that the regulators must integrate climate risk management.
Anosike stressed that “It is incumbent for financial regulators to include environmental factors such as accounting for precipitation and temperature variability in addition to water availability and the overall climate science that supports adaptation and mitigation measures.
“ We thank Dr. Rabiu and FRC for making good their promise that NiMet will be at the table for these conversations. The Nigerian Meteorological Agency provides the climate science that supports adaptation and mitigation measures and stands ready to support this project.”
