TD Bank Group signed a 10 year offtake agreement with Deep Sky, a Canadian carbon removal developer, to purchase over 18,000 carbon dioxide removal credits from Deep Sky's direct air capture facilities. The deal supports permanent carbon removal infrastructure in Canada and helps TD address residual emissions after cutting its own Scope 1 and 2 emissions by 29% since 2019. Deep Sky, based in Montreal, uses multiple technologies including direct air capture and ocean carbon capture. Its other corporate buyers include Microsoft, RBC, and Google through Frontier Climate. The credits will be verified by an independent third party registry. Long term offtake agreements like this one are becoming more common as a way to finance and scale permanent carbon removal technology. TD's sustainable finance team said the deal helps build critical infrastructure while positioning the bank to advise clients on integrating high integrity carbon removal into their own plans.
