The Executive Secretary/Chief Executive, Financial Reporting Council (FRC) of Nigeria, Dr. Rabiu Olowo has stated that climate risk and opportunities can help unlock capital in Nigeria by reporting standard business performance in ISSBs’, IFRSs’ S1 and S2.
Olowo spoke in Abuja, on Thursday, during a regulatory round table for sustainability reporting in Nigeria which attracted stakeholders from the financial services sector, telecom sector and oil and gas sector.
“The IFRS S1 sets out the general requirements for the complete set of sustainability related financial disclosures. The IFRS S2 is set to address climate-specific requirements such as disclosure that recognizes physical and transactional risk and setting climate-related targets.
The International Sustainability Standards Board (ISSB), Chair, Ndidi Nnoli-Edozien stated that these standards are centered around being able to include sustainability and climate related risks in the general purpose financial statements so that there is one set of report published.
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