Climeworks Solutions and TD Bank signed a 10-year agreement for diversified carbon removal credits supporting long-term emissions reduction goals.
Climeworks Solutions, a leading provider of high-quality carbon dioxide removal (CDR) portfolios, has entered into a long-term agreement with Toronto-Dominion Bank (TD Bank), one of North America’s largest financial institutions. Under the newly signed 10-year partnership, Climeworks Solutions will supply TD Bank with a diversified portfolio of premium carbon removal credits, reinforcing the bank’s commitment to addressing residual emissions and supporting the development of innovative climate solutions.
The agreement marks a significant milestone for both organizations. TD Bank becomes Climeworks Solutions’ first financial services client in Canada, while Climeworks gains a major partner to help expand the adoption of durable carbon removal technologies across North America. Through this collaboration, TD Bank will gain access to a carefully managed portfolio of carbon removal projects designed to deliver measurable and long-lasting environmental benefits.
As part of the arrangement, Climeworks Solutions will oversee the entire portfolio management process. This includes identifying suitable carbon removal projects, conducting comprehensive due diligence assessments, and continuously monitoring and optimizing the portfolio over the duration of the agreement. By taking responsibility for sourcing and managing projects, Climeworks aims to ensure that TD Bank receives access to high-integrity carbon removal credits that meet evolving market standards and sustainability expectations.
The portfolio will encompass a range of carbon removal pathways and technologies operating across North America. Among the primary methods included are enhanced rock weathering (ERW), biochar production, and bioenergy with carbon capture and storage (BECCS). These approaches are recognized for their ability to remove carbon dioxide from the atmosphere and securely store it over extended periods, contributing to long-term climate mitigation efforts. By incorporating multiple technologies, the portfolio reduces reliance on any single solution while enhancing resilience and flexibility.
In addition to these established carbon removal methods, TD Bank will also receive access to direct air capture (DAC) credits generated by one of Climeworks’ planned facilities in North America. Direct air capture is considered one of the most promising emerging technologies for removing carbon dioxide directly from the atmosphere. Climeworks has recently strengthened its presence in Canada by establishing its corporate headquarters in Calgary, Alberta, as part of its broader strategy to scale up carbon removal infrastructure in the region.
The company is currently preparing for critical cold-weather testing of its DAC technology in Canada. These tests will help validate the performance of the technology under local climatic conditions and represent an important step toward the eventual construction of a commercial-scale direct air capture facility. The inclusion of future DAC credits within TD Bank’s portfolio demonstrates the organizations’ shared interest in supporting next-generation climate technologies.
Commenting on the agreement, Adrian Siegrist, Chief Commercial Officer at Climeworks, highlighted the significance of partnering with a major Canadian financial institution. He noted that the portfolio combines regionally sourced carbon removals with future direct air capture credits, providing TD Bank with a balanced and high-quality approach to managing residual emissions. He also emphasized Climeworks’ proven delivery capabilities, citing the company’s successful fulfillment of all portfolio commitments during 2025.
A key feature of the collaboration is its flexibility. As carbon removal technologies advance and industry standards continue to evolve, the portfolio can adapt to incorporate new opportunities and methodologies. According to Susan Thompson, Managing Director of Sustainable Finance and Advisory at TD Securities, this diversified portfolio strategy helps organizations manage risks while maintaining flexibility in their carbon management programs.
Nicole Vadori, Vice-President of Global Sustainability at TD Bank, stated that becoming the first Canadian bank to support Climeworks’ direct air capture technology aligns closely with TD’s broader sustainability strategy. She emphasized the bank’s commitment to fostering innovative clean technology solutions across North America and expressed enthusiasm for Climeworks’ ongoing development efforts in Alberta.
Overall, the agreement reflects growing momentum within the carbon removal sector and highlights how financial institutions are increasingly incorporating durable carbon removal solutions into their broader climate and sustainability strategies. By combining established and emerging technologies within a single managed portfolio, the partnership seeks to accelerate progress toward long-term emissions reduction objectives while supporting the growth of a robust carbon removal ecosystem in North America.
