Belfius, a bank wholly owned by the federal government, has announced its decision to withdraw from the Science Based Targets Initiative (SBTi) after two years of participation. The initiative is a global reference for companies seeking to align themselves with the climate goals established at the Paris summit in 2015.
In its 2021 annual report, Belfius noted that it had joined SBTi with the intention of establishing emissions reduction targets in accordance with the Paris agreement on climate. However, in its 2022 annual report, the bank reiterated its commitment to limiting CO₂ emissions and has now decided to develop its own method for doing so.
Belfius’ management is emphasizing the importance of supporting a just transition and paying particular attention to social impact in this new approach. The bank has acknowledged that while SBTi was a useful tool for setting targets and tracking progress, it did not provide enough guidance on how to achieve those targets or how to measure success. As a result, Belfius is taking a more proactive approach to reducing emissions and is looking to develop its own framework that will be tailored specifically to its needs and goals.
