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Highlights
- Massive floods and landslides have caused total chaos in British Columbia.
- Along with Canada, many countries around the world are facing extreme weather conditions like floods, forest fires, droughts etc. due to climate change
- In an attempt to fight the ill-effects of climate change, many companies are working on clean technology and renewable energy sources to limit the environmental footprint.
Massive floods and landslides have caused total chaos in British Columbia, leaving the transportation infrastructure disrupted and several residents and businesses in a fix.
However, the federal government has ensured people that transportation of essential goods, medical and emergency services will be available to them when needed.
Along with Canada, many countries around the world are facing extreme weather conditions like floods, forest fires, droughts etc. due to climate change, which need to be addressed immediately.
Also read: 2 Canadian hydrogen stocks to buy in November
In an attempt to fight the ill-effects of climate change, many companies are working on clean technology and renewable energy sources to limit the environmental footprint.
Let us glance through two such TSX-listed companies and their recent performance in detail.
1. TransAlta Renewables Inc (TSX:RNW)
TransAlta Renewable Inc produces and distributes electricity and natural gas. It owns and operates wind energy, solar energy, hydroelectricity and natural gas generation facilities. In addition, it holds one battery storage project.
The renewable energy producer saw its stock close at C$ 19.12 apiece on Wednesday, November 17, up by about one per cent.
The utility stock spiked by roughly four per cent this month and grew by nearly 12 per cent over the last 12 months.
Image source: © 2021 Kalkine Media Inc
The Calgary, Alberta-headquartered utility company posted a surge of C$ 6 million year-over-year (YoY) in its comparable EBITDA of C$ 102 million in the third quarter of fiscal 2021.
Its adjusted funds from operations stood at C$ 57 million, noting a YoY decline of C$ 19 million in the latest quarter.
TransAlta Renewables, with a market capitalization of C$ 5.1 billion, held a price-to-earnings (P/E) ratio of 34.60 and a return on equity (ROE) of 7.11 per cent on Thursday, November 18.
2. Northland Power Inc (TSX: NPI)
Northland Power Inc saw its stock hit a day high of C$ 39.71 on November 17 before closing at C$ 39.57 apiece.
The Toronto-headquartered renewable energy producer’s stock plunged by nearly five per cent in the past 12 months, although it climbed by about three per cent in the last one week.
The company posted sales of C$ 432 million in Q3 FY2021, noting a YoY dip of eight per cent.
Also read: 2 hot Canadian EV stocks to buy & hold for next 10 years
On the valuation side, Northland Power Inc held at a market capitalization of C$ 8.9 billion and an ROE of 4.7 per cent on November 18.
Bottom line
If not addressed aptly and on time, the effects of climate change could become irreversible. Hence, several organizations, governments and enterprises are working of fighting this evil before its too late.
With the awareness and actions around climate change expanding, clean energy and tech companies such as TransAlta Renewable Inc and Northland Power Inc can see a surge in demand as they work to limit carbon emissions.
