ICMIF member, P&V Group has become the first insurer active in Belgium to secure approval for a science-backed decarbonisation plan from the Science Based Targets initiative (SBTi). This marks a significant milestone in the organisation aligning its strategy with the goals of the Paris Agreement, the landmark international treaty on climate change adopted in 2015 at the United Nations climate conference (COP21).
The Brussels-based cooperative insurer announced the recognition on 23 April 2026, highlighting that the approval confirms its climate strategy is built on robust scientific foundations and supports the transition to a low-carbon economy.
Strengthening commitments amid shifting climate priorities
At a time when some organisations are slowing or revising their climate commitments, P&V Group has chosen to reinforce its own. The insurer said its approach reflects its broader ambition to balance economic, social and environmental performance, while continuing to improve accessibility and inclusion in insurance.
The company joined the SBTi in 2024, committing to develop a decarbonisation plan aligned with the Paris Agreement within two years. The plan, submitted in December 2025, was approved following a three-month assessment process based on standards specific to financial institutions.
Jeroen Spinoy, CEO said: “As a cooperative group and an economic actor, we believe that sustainability is built on both social progress and environmental responsibility. It is not possible to act meaningfully on one without the other. The validation of our decarbonisation plan by the SBTi is a key milestone, as it confirms that our plan is based on solid scientific foundations.”
Alain Flas, Chief Sustainability Officer added: “The approval of our targets by the SBTi in just three months demonstrates the strength of our methodological approach and of our emissions reduction pathways, both for our operations and our investment portfolio. This recognition is also a valuable opportunity, as it commits us to strengthening cross-functional collaboration internally, deepening dialogue with our stakeholders, and ensuring transparent and rigorous monitoring of our progress over time.”
Measurable targets across operations and investments
P&V Group’s decarbonisation plan covers 68% of its emissions based on a 2024 baseline year and includes quantified targets across all three emissions scopes defined by the Greenhouse Gas Protocol. The targets are set for 2030 and 2035 and apply to both operational activities and investment portfolios.
The insurer said the plan reflects an ambition not only to reduce its environmental impact but also to play an active role in addressing climate change as part of its cooperative model.
Spinoy concluded: “These targets are ambitious, but we are fully committed to delivering this decarbonisation plan. We are particularly proud to be the first insurer active in the Belgian market to have our climate targets approved by the SBTi, especially at a time when many companies are revising, postponing or abandoning their climate commitments. Above all, we hope this approach will encourage other organisations to take action, at their own pace, towards ambitious and concrete goals for a sustainable future.”
SBTi: a global benchmark for climate action
The Science Based Targets initiative was established in 2015 in the context of COP21 through a partnership between the Carbon Disclosure Project, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature.
The organisation supports companies and financial institutions in setting greenhouse gas reduction targets aligned with limiting global warming to 1.5°C and achieving net zero emissions by 2050. Targets submitted are subject to a rigorous validation process to ensure credibility, transparency and alignment with climate science.
