The Texas plant will be 1PointFive’s first commercial-scale DAC facility. It is expected to begin commercial operations in 2025. (Source: Shutterstock)
Financial institution TD Securities has agreed to purchase 27,500 metric tons of direct air capture (DAC) CO2 removal credits during a four-year period from 1PointFive’s DAC plant being constructed in Ector County, Texas, according to a Nov. 1 news release.
Called Stratos, the plant is designed to potentially capture and remove up to 500,000 metric tons of CO2 from the atmosphere annually and store it in underground geologic formations. The agreement to purchase carbon credits, pending startup of the plant, marks one of the largest planned purchases of such credits by a financial institution, the release said.
“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,” Amy West, global head of ESG Solutions for TD Securities, said in the release.
The firm said it plans to use a portion of the credits to offset its own operational emissions, while adding to its portfolio of voluntary carbon offsets.
The Texas plant will be 1PointFive’s first commercial-scale DAC facility. It is expected to begin commercial operations in 2025.
1PointFive is a subsidiary of Occidental.
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