Climeworks Solutions, a developer of carbon dioxide removal (CDR) services, has signed a 10-year commercial agreement to supply high-durability carbon removal credits to Toronto-Dominion Bank (TD), the sixth-largest banking institution in North America.
Under the terms of the decade-long contract, Climeworks Solutions will deploy and manage a diversified portfolio of high-quality carbon removal credits derived from multiple technological pathways across North America. The company will oversee all primary project sourcing, corporate due diligence, and ongoing portfolio risk management.
The structured procurement framework will incorporate carbon credits generated via enhanced rock weathering (ERW), biochar production, and bioenergy with carbon capture and storage (BECCS). These engineered, nature-based approaches are designed to isolate atmospheric carbon dioxide and sequester it securely over geological timescales.
Additionally, the transaction guarantees TD Bank future access to direct air capture (DAC) credits generated by Climeworks’ projected North American industrial facilities. The agreement follows Climeworks’ recent operational expansion into the Canadian market, which included establishing a domestic corporate headquarters in Calgary, Alberta. The company is currently preparing to initiate cold-weather engineering trials of its proprietary DAC technology, a critical technical milestone preceding the construction of a commercial-scale extraction plant in the region.
Adrian Siegrist, Chief Commercial Officer at Climeworks, highlighted the reliability of the delivery framework, stating: “We’re excited to work with TD Bank, Climeworks Solutions’ first Canadian financial services customer and a globally leading financial institution. Through our portfolio approach, we will provide a mix of North American-sourced high-quality removals from regional projects alongside future direct air capture credits from Climeworks. With our strong track record, including 100% delivery rates of our portfolios in 2025, we can provide value for TD Bank by supporting it in addressing its residual emissions.”
The portfolio model is designed to offer corporate buyers operational flexibility, allowing the composition of underlying credits to adapt as individual carbon removal technologies achieve commercial maturity and regulatory compliance.
Susan Thompson, Managing Director of Sustainable Finance and Advisory at TD Securities, commented on the risk-mitigation features of the deal: “As carbon market standards and methodologies continue to evolve, Climeworks Solutions’ portfolio approach helps mitigate risk while providing organizations with flexible options in their carbon management strategies.”
Nicole Vadori, Vice-President of Global Sustainability at TD Bank, emphasized the bank’s regional clean-tech mandate, adding: “Being the first Canadian bank to support Climeworks’ Direct Air Capture technology is well aligned with our strategy of supporting a broad set of innovative clean technologies in North America, and we are looking forward to Climeworks’ innovations in Alberta.”
