LONDON, UK: IQE plc (AIM: IQE) the leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, announced a formal commitment to Net Zero carbon neutrality across its operations by 2050, in accordance with the Science Based Targets initiative (“SBTi”).

As part of this commitment, IQE will formulate science-based targets to reduce greenhouse gas emissions in line with the SBTi Net Zero Standard, which seeks to limit global warming to 1.5°C. The SBTi defines and promotes best practice in emissions reductions and Net Zero targets in line with climate science.

IQE and its Board remain committed to the implementation of Environmental, Social and Governance (“ESG”) best practice across the Group. Today’s announcement marks a significant step for IQE’s ESG Committee following its establishment in January 2022, as it continues to build upon IQE’s strategy to deliver sustainable growth. The Board-level group oversees the Group’s ESG activities and performance against commitments, such as those announced today, for the long-term benefit of all stakeholders.

Americo Lemos, Chief Executive Officer of IQE, commented: “We recognise the unprecedented challenge posed by climate change and the part we all need to play in the fight against global warming. This commitment is an important milestone for IQE in our journey towards improving our own operations, delivering sustainable growth and being a truly responsible business for the benefit of all. Over and above this, we also strongly believe that the world’s Net Zero targets will not be met without the widespread uptake of compound semiconductors, which are vital in enabling next generation efficient technologies, such as those needed for the mass adoption of electric vehicles, in the power electronics industry and smart power grids.’’