Rivers Administrator Engages Accountants on Climate Change Solutions for the Niger Delta

Vice Admiral (Rtd.) Ibok-Ete Ekwe Ibas recently spoke about Nigeria’s sustainability challenges during the Institute of Chartered Accountants of Nigeria (ICAN) conference in Port Harcourt. He believes that by focusing on accounting ethics and environmental care, Nigeria can overcome its issues.

He emphasized the importance of investing in green skills and civic engagement, suggesting that accountability should extend beyond finances to include ecological practices. This shift could help Nigeria thrive on the global stage.

Ibas noted that climate change, deforestation, and pollution are not just far-off concerns. They’re affecting everyday life, from rising floodwaters in the Niger Delta to decreasing rainfall in the north, impacting agriculture and water supplies.

“Accountants and eco-disruption make for an unlikely yet essential partnership,” he said. Traditionally, we think of accountants managing numbers, not nature. However, their skills are crucial in addressing these environmental issues.

In the Niger Delta, the impact of environmental damage is clear. Coastal erosion and pollution threaten communities and wildlife, affecting both the ecosystem and the economy. “Our identity as a people is linked to our environment,” Ibas added.

He urged for a change in policy that emphasizes sustainability across four key areas: environmental, economic, social, and human. This means moving from extractive practices to regenerative ones. We need to rethink how we create value—not just in profits but in social and ecological impact as well.

ICAN President, Mallam Haruna Nma Yahaya, highlighted the renewable energy sector’s potential. He shared that it could create over 300,000 jobs and contribute significantly to Nigeria’s GDP by 2030. This sector, aligned with the United Nations Sustainable Development Goals, could unlock over $1 trillion in market opportunities for Africa.

Chartered accountants hold a unique position to lead this sustainability agenda. By improving environmental accounting and sustainability reporting, they can help businesses comply with global regulations while promoting positive change. Ibas encouraged members to join the ICAN ESG and Sustainability Faculty to prepare for this shift.

The growing awareness of eco-disruption and sustainability in finance is echoed globally. Recent surveys show that businesses increasingly recognize the need for environmentally friendly practices. A 2023 report found that 70% of corporate leaders aim to integrate sustainability into their company strategies. As more organizations adopt these principles, it creates an opportunity for accountants to redefine their roles and influence their industries positively.

Ultimately, aligning financial practices with sustainability can build a more resilient and successful Nigeria. As we address environmental challenges, the collaboration between finance, ethics, and environmental care becomes more vital than ever.

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Vice Admiral (Rtd.) Ibok-Ete Ekwe Ibas