Toronto-Dominion Bank Group (TD) has signed an agreement to purchase 27,500 metric tonnes of direct air capture (DAC) carbon dioxide removal (CDR) credits over a four-year period from 1PointFive, a US-based carbon capture, utilisation and sequestration (CCUS) specialist.
Marking one of the finance industry’s largest purchases of DAC carbon removal credits, the deal is subject to Stratos – 1PointFive’s first DAC plant currently under construction in Texas – coming online.
Stratos has been designed to be the first large scale commercial deployment of DAC technology globally, with the potential to capture and remove up to 500,000 metric tonnes of CO2 from the atmosphere each year for secure and long-term storage in geologic formations.
Under the agreement with TD, the captured CO2 underlying the removal credits will be stored through geologic sequestration and not through an enhanced oil recovery process.
... to continue reading you must be subscribed
