Deep Sky Sells Carbon Removal Credits.
Global Banking News-November 15, 2024-Deep Sky Sells Carbon Removal Credits(C)2024 ENPublishing - http://www.enpublishing.co.uk
Canadian carbon removal project developer Deep Sky has sold carbon removal credits to its founding buyers including Royal Bank of Canada and Microsoft, the company said.
In return, Deep Sky intends to facilitate the removal of 10,000 tons of CO2 from the atmosphere over a 10-year period via Deep Sky Labs, the world's first carbon removal innovation and commercialization center.
The founding buyers are helping to support Deep Sky Labs' mission to accelerate the path to low cost, low energy intensity and scalable carbon dioxide removal and marks an industry milestone for the private development of scalable carbon removal technologies.
The agreement calls for Deep Sky to deliver an initial 10,000 tons of removals with options to purchase an additional 1 m tons from Deep Sky's pipeline of commercial projects.
Deep Sky Labs represents a single destination to streamline efforts to help combat the climate crisis and is the first commercial direct air capture project in Canada.
It's where multiple Direct Air Capture technologies convene for the first time to measure their performance through category benchmarking.
Here, the technologies will be tested and optimized for performance year-round in the Canadian climate and validated before committing to them at commercial scale.
Proprietary Deep Sky software will track and benchmark all operational data to accelerate the R&D of technology partners and the industry at large.
To start, eight DAC technologies will be deployed side-by-side at Deep Sky Labs, with full access to renewable power and permanent carbon storage to enable the life cycle analysis required to support the production of verified carbon removal credits validated by third-party carbon registries.
Labs' tech-agnostic nature decreases delivery and operational risks while increasing the speed at which the industry can scale.
This novel approach attempts to solve for the delivery delays that have plagued past global carbon removal projects.
The approach allows buyers to have an impact on the development of multiple DAC technologies through a single purchase of carbon removal credits.
The selection of DAC partners is a result of an evaluation of nearly 100 technologies from all over the world.
Air processing units with a pathway to low energy intensity, simplicity and scalability were prioritized and selected for piloting.
These DAC providers include Airhive, Avnos, Phlair (formerly Carbon Atlantis), Greenlyte, Mission Zero, NEG8 Carbon, Skyrenu, and Skytree.
Together, the partners represent some of the world's foremost CO2 carbon removal technologies, convening for the first time in Canada.
Deep Sky Labs and the commitment from the founding buyers will generate green jobs in Innisfail, Alberta home to Deep Sky Labs.
Approximately 80 workers will be employed for the construction phase, with another 15 for annual operations.
The project has the potential to invest more than USD 100m in the community over 10 years. Subsequent commercial plants across Canada are expected to employ approximately 1,000 workers for construction and 150 for annual operations.
Deep Sky aims to help enterprises meet their decarbonization commitments through the supply of verified carbon removal credits that can be used to offset company emissions.
Carbon removal credits produced by Deep Sky projects will be traced from capture to storage with Measurement, Reporting and Verification software and will be validated against rigorous carbon standards to help ensure complete additionality and durability.
Deep Sky's projects are designed to reduce risks typically associated with carbon removals while increasing the community and economic impact of an enterprise's decarbonization pathway.
Deep Sky Labs aims to accelerate the development of multiple technologies and allows Deep Sky to scale them at commercial projects across Canada.
Deep Sky Labs and future commercial projects will issue carbon removal credits via carbon registries to meet global regulatory and industry-led carbon integrity schemes.
Royal Bank of Canada is Canada's biggest bank.
Montreal-based Deep Sky is the world's first tech-agnostic carbon removal project developer aiming to remove gigatons of carbon from the atmosphere and permanently store it underground.
With USD 77m in funding, Deep Sky is backed by world class investors including Investissement Québec, Brightspark Ventures, Whitecap Venture Partners, OMERS Ventures, BDC Climate Fund, BMO, National Bank of Canada, and more.
((Distributed via M2 Communications - http://www.m2.co.uk))
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| Publication: | Global Banking News (GBN) |
|---|---|
| Geographic Code: | 1CANA |
| Date: | Nov 15, 2024 |
| Words: | 696 |
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