CARDIFF, UK - IQE plc (LON:IQE), the global leader in the supply of compound semiconductor wafers, has received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emissions reduction targets. The validation marks a significant step for the company in its commitment to achieve Net Zero emissions across its operations by 2050.
The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). The initiative endorses corporate emissions reduction targets in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement. IQE had previously announced its intention to align with the SBTi in June 2022, and the recent approval confirms that IQE's near and long-term targets are consistent with the initiative's stringent criteria.
IQE's plan involves implementing science-based targets to reduce its greenhouse gas emissions, aligning with the SBTi Net Zero Standard, which aims to limit global warming to 1.5°C. The SBTi's Target (NYSE:TGT) Validation Team has reviewed and endorsed IQE's strategies for mitigating emissions, recognizing the company's goals as being among the most ambitious set by the SBTi validation process.
Interim Chief Executive Officer of IQE, Jutta Meier, expressed pride in the company's achievement, emphasizing the importance of rapid and significant reductions in global greenhouse emissions. Meier's statement underscores IQE's dedication to environmental responsibility and its role in combating climate change.
IQE operates globally, with manufacturing locations in the UK, US, and Taiwan, and is listed on the AIM market of the London Stock Exchange (LON:LSEG). The company's advanced material solutions are pivotal in various sectors, including smart connected devices, communications infrastructure, automotive, industrial, aerospace, and security.
This development is a clear indication of IQE's commitment to sustainability and its proactive approach to addressing the urgent challenges posed by climate change. The company's efforts are now officially recognized as being in line with the global movement towards a more sustainable future, as endorsed by the SBTi.
The information in this article is based on a press release statement.
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