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.
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.
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 CO2 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 CO2 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:
- TD has been listed
on the Dow Jones Sustainability World Index for nine consecutive
years and is currently the top-ranked North American-based bank on
the World Index
- TD Securities is an
active member of the International Emissions Trading Association
(IETA)
- TD Securities
established a Carbon Markets Advisory team, focused on the
compliance and voluntary markets
- TD Securities
invested $10 million in the Boreal Wildlands Carbon Project, the
largest private land conservation effort in Canadian history
- In 2022, TD
Securities joined Rubicon Carbon's coalition of corporate
sustainability lenders to help bring greater scale, confidence and
innovation across all facets of the carbon market.
- Earlier this year, TD announced a new Sustainable &
Decarbonization Finance Target that aims to mobilize $500
billion CAD by 2030 through financial activities including
lending, financing, underwriting, advisory services, insurance, and
TD’s own investments.
About 1PointFive1PointFive 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.
About TD Bank Group
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.
Forward-Looking StatementsThis news release
contains “forward-looking statements” within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, including those relating to the agreement’s
benefits and related impact on carbon emissions and Occidental’s
(NYSE: OXY) and its subsidiaries' deployment and use of DAC
technology, which are based on Occidental’s current expectations,
beliefs, plans, estimates, and forecasts. All statements other than
statements of historical fact are forward-looking statements for
purposes of federal and state securities laws. Words such as
“believe,” “will,” “may,” “expect,” “plan,” or similar expressions
that convey the prospective nature of events or outcomes are
generally indicative of forward-looking statements. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this news release. Unless legally
required, Occidental does not undertake any obligation to update,
modify, or withdraw any forward-looking statements as a result of
new information, future events, or otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Occidental’s
control. Factors that may cause actual results to differ materially
from forward-looking statements include Occidental’s and its
subsidiaries' ability to access necessary technology, to develop
and employ existing or new technology on a commercial scale, to
access capital, to collaborate with third parties and customers,
and to receive approvals from regulatory bodies, as well as market
conditions, geopolitical events, and scientific developments.
Additional factors that may affect Occidental’s and its
subsidiaries' ability to deploy DAC technology can be found in
Occidental’s filings with the U.S. Securities and Exchange
Commission (SEC), which may be accessed at Occidental’s website at
oxy.com or the SEC’s website at sec.gov. Information included
herein is not necessarily material to an investor in Occidental’s
securities.
TD
From time to time, The Toronto-Dominion Bank (“TD” or the
“Bank”) makes written and/or oral forward-looking statements,
including in this document, in other filings with Canadian
regulators or the United States (U.S.) Securities and Exchange
Commission (SEC), and in other communications. In addition,
representatives of the Bank may make forward-looking statements
orally to analysts, investors, the media and others. All such
statements are made pursuant to the "safe harbour" provisions of,
and are intended to be forward-looking statements under, applicable
Canadian and U.S. securities legislation, including the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements made in this
document regarding the Bank’s financial performance objectives,
vision and strategic goals and the Bank’s social, economic,
environmental and governance- related impacts and objectives,
including the Bank’s greenhouse gas (GHG) emission reduction
targets and the Bank's Sustainable & Decarbonization Finance
Target. Forward-looking statements are typically identified by
words such as "will", "would", "should", "believe", "expect",
"anticipate", "intend", "estimate", "plan", "goal", "target",
"may", and "could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include:
strategic, credit, market (including equity, commodity, foreign
exchange, interest rate, and credit spreads), operational
(including technology, cyber security, and infrastructure), model,
insurance, liquidity, capital adequacy, legal, regulatory
compliance and conduct, reputational, environmental and social, and
other risks. Examples of such risk factors include general business
and economic conditions in the regions in which the Bank operates;
geopolitical risk; inflation, rising rates and recession; the
economic, financial, and other impacts of pandemics, including the
COVID-19 pandemic; the ability of the Bank to execute on long-term
strategies and shorter-term key strategic priorities, including the
successful completion and integration of acquisitions and
dispositions, business retention plans, and strategic plans;
technology and cyber security risk (including cyber-attacks, data
security breaches or technology failures) on the Bank's information
technology, internet, network access or other voice or data
communications systems or services; model risk; fraud activity; the
failure of third parties to comply with their obligations to the
Bank or its affiliates, including relating to the care and control
of information, and other risks arising from the Bank's use of
third-party service providers; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance; regulatory oversight and compliance risk; increased
competition from incumbents and new entrants (including Fintechs
and big technology competitors); shifts in consumer attitudes and
disruptive technology; exposure related to significant litigation
and regulatory matters; ability of the Bank to attract, develop,
and retain key talent; changes to the Bank's credit ratings;
changes in foreign exchange rates, interest rates, credit spreads
and equity prices; increased funding costs and market volatility
due to market illiquidity and competition for funding; Interbank
Offered Rate (IBOR) transition risk; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Bank; existing and potential international debt crises;
environmental and social risk (including climate change); and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. In addition, information on the
assumptions, risks, uncertainties and other factors affecting the
Bank’s GHG emissions targets and the Bank's Sustainable &
Decarbonization Finance Target may be found here: Cautionary
Statement Regarding Disclosure on Emission Targets and Cautionary
Statement Regarding Disclosure on Sustainable & Decarbonization
Finance Target.
The Bank cautions that the preceding list is not exhaustive of
all possible risk factors and other factors could also adversely
affect the Bank's results. For more detailed information, please
refer to the "Risk Factors and Management" section of the 2022
MD&A, as may be updated in subsequently filed quarterly reports
to shareholders and news releases (as applicable) related to any
events or transactions discussed under the heading "Significant
Acquisitions" or "Significant and Subsequent Events, and Pending
Acquisitions" in the relevant MD&A, which applicable releases
may be found on www.td.com. All such factors, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements, should be considered carefully when
making decisions with respect to the Bank. The Bank cautions
readers not to place undue reliance on the Bank's forward-looking
statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2022
MD&A under the heading "Economic Summary and Outlook", under
the headings "Key Priorities for 2023" and "Operating Environment
and Outlook" for the Canadian Personal and Commercial Banking, U.S.
Retail, Wealth Management and Insurance, and Wholesale Banking
segments, and under the heading "2022 Accomplishments and Focus for
2023" for the Corporate segment, each as may be updated in
subsequently filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
Any references to “sustainable investing,” “sustainable
finance,” “ESG,”, "carbon neutral", "net-zero" or similar terms in
this document are intended as references to the internally defined
criteria of the Bank and not to any jurisdiction-specific
regulatory definition that may exist.
1PointFive:
Media |
Investors |
|
|
Eric Moses |
Neil Backhouse |
713-497-2017 |
713-552-8811 |
eric_moses@oxy.com |
investors@oxy.com |
TD:
Media Erin
Sufrin416-624-2440Erin.sufrin@td.com
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