The director-general of the Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike has urged financial regulators and stakeholders to incorporate climate risk management into their financial reporting frameworks.
Anosike made this call while serving as the guest of honour at the regulatory roundtable on the implementation of International Sustainability Standards Board (ISSB) sustainability reporting in Nigeria. The event was organised by the Financial Reporting Council of Nigeria (FRC).
In his remarks, Anosike commended the Financial Reporting Council of Nigeria (FRC) and its executive secretary, Dr. Rabiu Olowo for hosting the roundtable. He acknowledged the significance of the event, noting that efforts to integrate climate risk into financial reporting had been ongoing for over a decade. “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 10 years ago,” Anosike remarked.
Highlighting the urgency of addressing climate risks, Anosike emphasised that climate change poses a systemic threat to financial institutions. He stressed the need for a new approach to risk assessment that accounts for both the uncertainty of climate change and the human factors driving it. “Climate change is a threat multiplier and it calls for a new epistemology of risk,” he explained.
Given the critical role of climate risk in the transition to a net-zero economy, Anosike underscored the importance of integrating environmental factors into financial regulation. He urged regulators to consider variables such as precipitation, temperature variability, and water availability in their assessments. Concluding his remarks, Anosike reaffirmed NiMet’s commitment to supporting these efforts, stating, “The Nigerian Meteorological Agency provides the climate science that supports adaptation and mitigation measures and stands ready to support this project.”
