Deep Sky Signs TD Bank to a 10-Year Removal Deal

TD Bank and Deep Sky have agreed a ten-year direct air capture deal covering 18,000+ verified carbon removal credits

17 Jun 2026

Canada's carbon removal market hit a commercial turning point on June 4, 2026. Quebec-based project developer Deep Sky finalized a ten-year direct air capture agreement with TD Bank, covering more than 18,000 verified carbon dioxide removal credits. By any measure, it ranks among the most substantial enterprise carbon procurement commitments in Canadian history.

Direct air capture pulls CO2 straight from the atmosphere, a distinction that matters more than it might seem. Unlike conventional offsets, which often rest on shaky accounting, DAC credits offer a measurable, science-backed pathway to genuine decarbonization. Financial institutions are under growing pressure from regulators and investors to back up net-zero pledges with something real, and DAC fits that brief.

For developers like Deep Sky, the obstacle has always been cost. Long-term offtake agreements solve a basic problem: without guaranteed revenue, infrastructure cannot scale, and without scale, prices stay prohibitive. A decade-long commitment from a major bank changes that math in ways a one-off purchase never could.

Charlie Renzoni, Vice President of Carbon Markets at Deep Sky, framed the deal simply. "This represents two Canadian organizations doing something that matters for Canada," he said, pointing to TD's standing as one of the more credible decarbonization programs in financial services. His pitch goes beyond the bilateral: Deep Sky is openly positioning this as a template for other corporate buyers to follow.

For companies watching carbon markets, the timing is instructive. Buyers that lock in DAC credits now stand to gain both pricing stability and reputational credibility as voluntary markets tighten globally. Canada, anchored by Deep Sky's planned removal facilities and partners like TD, is moving fast toward becoming a global reference point for responsible carbon removal. The conditions for a serious North American DAC market are no longer hypothetical.