Published by Todd Bush on November 1, 2023
HOUSTON and TORONTO, Nov. 1, 2023 /PRNewswire/ - 1PointFive, a carbon capture, utilization and sequestration company, and TD Bank Group (TD), today announced a purchase of carbon dioxide removal (CDR) credits from STRATOS – 1PointFive's first Direct Air Capture (DAC) plant currently under construction in Texas.
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Under the terms of the agreement, and subject to STRATOS becoming operational, TD Securities has agreed to purchase 27,500 metric tons of DAC CDR credits over four years. This represents one of the largest purchases of DAC CDR credits by a financial institution and demonstrates TD's continuing strategic focus on energy transition.
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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 tons of CO 2 from the atmosphere each year for secure and long-term storage in geologic formations. 1PointFive's CDR credits are expected to provide a practical and high integrity solution for organizations to address their emissions.
With this transaction, TD Securities expects to add to its portfolio of voluntary carbon offsets, as it continues to build out its carbon advisory and trading capabilities in the voluntary and compliance carbon markets. These capabilities complement TD Securities' broader ESG Solutions platform, with a focus on providing clients with short, medium and long-term solutions as they transition to a lower carbon economy. In addition, TD intends to use a portion of the credits from this transaction to offset its own operational emissions.
"As the need to move from climate commitments to action intensifies, corporations across all sectors are looking for tangible ways to achieve their net zero goals," said Amy West, Global Head ESG Solutions, TD Securities. "We're incredibly proud to partner with 1PointFive to support innovative, technology-based solutions that are intended to advance both our clients' and our own decarbonization goals."
1PointFive is progressing the development of Carbon Engineering's Direct Air Capture technology, alongside other decarbonization solutions, at an industrial scale to help organizations achieve their net-zero goals. Under the agreement with TD Securities, the captured CO 2 underlying the removal credits will be stored through geologic sequestration and not through an enhanced oil recovery process.
"We are proud to partner with TD Securities and believe their purchase demonstrates how Direct Air Capture can become a vital tool in an organization's sustainability strategy and help further net-zero goals," said Michael Avery, President and General Manager, 1PointFive. "Carbon removal credits from Direct Air Capture will be measurable, transparent and durable, with the goal of providing a solution for organizations to address their emissions."
"The transition to a low-carbon economy is complex, and relies on transformative action across sectors and economies, including the adoption of new technologies," said Janice Farrell Jones, SVP, Sustainability and Corporate Citizenship, TD. "Direct Air Capture holds enormous promise as a tool to drive progress on this journey and we are proud to play a role, helping to scale innovation and support this growing business opportunity."
In 2020, TD announced an ambitious Climate Action Plan to target net-zero greenhouse gas emissions associated with its operating and financing activities by 2050. TD's carbon markets and sustainable finance activities include the following:
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR TO FUELS™ technologies alongside geologic sequestration hubs. Visit www.1PointFive.com for more information.
AIR TO FUELS™ is a registered trademark of Carbon Engineering Ltd.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.9 trillion in assets on July 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
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