The Nigerian Government has said that it is considering a range of incentives and action plans to encourage enterprises and other stakeholders in the country to embrace and abide by climate-friendly practices.
This was disclosed by Mr Michael Ivenso, Senior Adviser to the Director General, National Council on Climate Change (NCCC).
Ivenso, who spoke during a virtual forum organised by NGX Regulation Limited (NGX RegCo), the independent regulatory company of Nigerian Exchange Group Plc, stated that the incentives and action plans would address issues such as possible tax implications, the establishment of carbon markets and engagements.
The theme of the forum was: “Climate Disclosures: Trends, Risks and Prospects” with a focus on issues regarding disclosures on climate reporting for listed companies.
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The forum’s speakers all agreed that organizations must institutionalize climate governance, and their boards must support capacity building and integrate sustainability into their plans.
Additionally, experts recommended that governments recognize the effects of economic activity on the environment and develop incentives to promote better stakeholder behaviour.
Ms Tinuade Awe, Chief Executive Officer of NGX Regulation Limited (NGX RegCo), reaffirmed the company’s commitment to empowering quoted firms and other issuers in the capital market to make disclosures about sustainability and climate change.
She emphasized the firm’s dedication to enhancing sustainability and ethical climate governance in the financial industry, adding that it was pertinent for stakeholders to engage in robust discussions and for corporations to do more on climate reporting.
Director General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who was represented by Executive Commissioner for Operations, Mr Dayo Obisan, stated that the commission would continue to support all programmes that advance market growth, including stakeholder engagements to promote a fair and transparent market, which ultimately has an impact on market growth.
Story was adapted from The Nation.
