• TD Bank has signed a ten-year offtake agreement for 44,000 tons of durable carbon removals from Charm beginning in 2029
• Charm is preparing to scale pyrolysis-based carbon removal operations in Canada, citing abundant biomass, wildfire risk, and policy momentum
• The agreement reflects growing corporate demand for high-durability CDR solutions to meet climate commitments and manage residual emissions

Canada’s First Corporate Bet on Durable CDR at Scale

TD Bank and Charm Industrial have signed a long-term carbon removal offtake covering 44,000 metric tons of high-durability removals over ten years beginning in 2029. The deal includes both bio-oil sequestration and biochar carbon removal. Charm said the agreement is driving accelerated exploration of new operational sites in Canada alongside its expansion in the United States.

Charm stated: “Today, we’re excited to share that Charm has signed a long-term offtake agreement with TD Bank for 44,000 tonnes of carbon removals. The opportunity ahead is so immense that we’re accelerating our exploration of new operations in Canada alongside our continued expansion in the USA.”

TD Bank will use the removals to address residual operational emissions. A portion of the credits will be sourced from future Canadian operations, linking corporate climate targets to domestic biomass, wildfire, and agricultural systems.

Wildfire Risk, Public Health and Biomass Economics

Charm framed its pitch to Canadian policymakers, corporates, and farmers through the lens of wildfire fuel reduction and air quality. The company pointed to record fire seasons across North America, including Canada’s 2023 season when 18.5 million hectares burned. “If you were in North America during the past few summers, especially 2023, you’ve likely experienced the impacts of excess wildfire fuels firsthand,” the company wrote, highlighting smoke plumes that reached Europe and triggered health alerts.

Charm cited research linking smoke from wildfires and pile burns to 20,000 premature deaths and 200 billion dollars in total health damages in the United States in 2017. “Each ton of PM2.5 is estimated to cost 174,000 dollars in health impacts,” the company wrote. It added that “each Charm pyrolyzer could avoid 77 m.t. of PM2.5 emissions annually equating to 13.4 million dollars in annual health benefits.”

Pyrolysis is positioned as an alternative to pile burns for removing dead trees, dense undergrowth, and other wildfire fuels. According to Charm, pyrolysis dramatically reduces particulate pollution relative to open burning, while converting biomass into carbon-rich products for long-duration storage.

RELATED ARTICLE: TD Bank Sets $500 Billion Sustainable & Decarbonization Finance Target by 2030

Decentralized Pyrolysis and the Canadian Fit

Charm reiterated its technology thesis: modular, small-scale pyrolyzers stationed near feedstock and injection sites rather than centralized processing hubs. “Instead of hauling biomass across long distances, we deploy small, modular pyrolyzers near the biomass sources and injection sites,” the company wrote. The strategy aims to reduce logistics emissions, accelerate deployment, and tie climate outcomes to community-scale benefits.

Charm wrote that it is building toward fully mobile units capable of converting biomass into two products: “Bio-oil, which we inject deep underground for permanent carbon storage,” and “Biochar, a soil amendment that locks carbon in the ground for centuries and improves soil health.”

Policy, Procurement and Canadian Market Signals

The company argued that Canada offers unusual alignment between climate priorities, biomass availability, and policy readiness. “The Canadian government has signaled strong support for durable carbon removal solutions,” Charm wrote, noting public investments in innovation, early market development, and the government’s upcoming carbon removal procurement.

Charm also pointed to the Wildfire Resilient Futures Initiative, tight margins for farmers who may benefit from new value chains for residues like wheat straw and corn stover, and Alberta’s inventory of orphaned oil and gas wells as potential storage sites. “Plugging and abandoning these wells is critical not only to prevent environmental damage, but also is an opportunity to repurpose some of these sites for permanent bio-oil storage,” the company wrote.

Strategic Stakes for Corporates and Investors

For corporates, the TD Bank deal reflects a shift toward durable CDR to manage residual emissions as near-term abatement options tighten. For investors and policymakers, the agreement reinforces Canada’s emerging role in global CDR supply development, driven by wildfire risk, agricultural residues, carbon storage geology, and public procurement.

Charm closed its announcement with a mission framing: “This is a big milestone, but it’s only one part of a much larger mission: wildfire risk, unused agricultural residues, and carbon emissions are deeply connected, and we’re building systems that help solve all three.”

Global Context

If Canada becomes a deployment hub, it would add geographic diversity to a market presently dominated by U.S. offtakes backed by corporate climate budgets, federal incentives, and storage infrastructure. For climate-focused executives, the lesson is that durable carbon removal is shifting from pilot to procurement and from marketing to material operations. The closing question is scale and cost trajectory, which will determine how fast removals can complement emissions cuts in national and corporate climate plans.

Follow ESG News on LinkedIn