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34 min ago 1 min read
Swiss carbon dioxide (CO2) removal company Climeworks has signed a 10-year carbon removal portfolio agreement with Toronto-Dominion Bank (TD Bank), its first with a Canadian financial services firm.
Carbon removal credits will be delivered through technologies, such as enhanced rock weathering (ERW), biochar, and bioenergy with carbon capture and storage (BECCS), across North America.
Climeworks also plans to provide direct air capture (DAC) credits from a planned plant in North America.
The company plans to run cold-weather testing of its DAC technology in Canada in the coming months to collect data that will support its planned large-scale DAC plant.
Susan Thompson, Managing Director of Sustainable Finance and Advisory at TD Securities, said Climeworks’ portfolio derisks operations in the developing carbon market.
TD Bank said it is the first Canadian bank to support Climeworks’ DAC technology.
The agreement with TD Bank follows Climeworks’ with AI infrastructure company NTT Data.
