TD Bank Group has entered into a 10-year agreement with carbon removal developer Deep Sky to purchase more than 18,000 carbon dioxide removal (CDR) credits from the company’s direct air capture facilities. The partnership is designed to support the growth of permanent carbon removal infrastructure in Canada while helping expand the country’s presence in the emerging carbon removal market.
Under the agreement, TD will receive independently verified, Canadian-produced carbon removal credits over the next decade. The bank said it has already reduced its Scope 1 and 2 greenhouse gas emissions by 29% from 2019 levels and plans to address residual emissions through investments in carbon removal technologies. Deep Sky noted that long-term offtake agreements such as this are helping accelerate the commercialization and scaling of permanent carbon removal solutions.