The lender has agreed to buy over 18,000 carbon removal credits from Deep Sky over the next decade for an undisclosed price, the companies said Thursday. The cleantech firm uses direct air capture technology to suck carbon dioxide from the atmosphere, before injecting it deep underground for permanent storage. (The Logic)

Talking point: The deal comes as Deep Sky ramps up its growth plans, announcing in October plans to build one of the world’s largest carbon removal facilities in southwestern Manitoba. TD is also positioning itself as a key player in the carbon removal market, having signed a similar carbon offtake agreement this week with Zurich-based Climeworks Solutions, a global cleantech firm which recently set up a Canadian headquarters in Calgary. Long-term carbon removal deals are viewed as essential to growing Canada’s emerging carbon tech sector, providing developers with predictable revenue to finance and scale new technologies.