A belt for an elevator system includes a plurality of tension members arranged along a belt width and extending longitudinally along a length of the belt, and a jacket at least partially enclosing the plurality of tension members. The jacket defines a traction side of the belt configured to interface with a traction sheave of an elevator system, and is formed from a self-extinguishing fluoroelastomer material. An elevator system includes a hoistway, an elevator car located in the hoistway and movable therein, and a belt operably connected to the elevator car to suspend and/or drive the elevator car along the hoistway. The belt includes a plurality of tension members arranged along a belt width and extending longitudinally along a length of the belt, and a jacket at least partially enclosing the plurality of tension members. The jacket is formed from a self-extinguishing fluoroelastomer material.