Top 5 Canadian green stocks to buy in 2022

Highlights

  • The climate crisis has made people make greener choices. 
  • Countries are also focusing on clean technologies to minimize carbon emissions.
  • Green technologies can become the future of energy with new developments in the cleantech space and growing awareness about environmental side-effects caused by fossil fuels.

The climate crisis has made people make greener choices. Countries are also focusing on clean technologies to minimize carbon emissions. 

Green technologies can become the future of energy with new development in the cleantech space and growing awareness about environmental side-effects caused by fossil fuels.

Investors focused on environmental well-being can explore the following five Canadian green stocks in 2022.

1.    Greenlane Renewables Inc (TSX:GRN)

Greenlane Renewable Inc is a Vancouver-based company that provides biogas upgrading systems worldwide. These systems use organic waste sources to generate renewable natural gas and help in decarbonization.

Greenlane Renewables posted revenue of C$ 13.4 million in the third quarter of fiscal 2021, indicating a year-over-year (YoY) rise of 107 per cent.

The provider of biogas systems saw its stock close at C$ 1.29 apiece Thursday, January 6. The GRN stock gained by over eight per cent in the past one week.

Also read: 5 best Canadian lithium stocks to buy in 2022

2.    Algonquin Power & Utilities Corp (TSX:AQN)

Algonquin Power & Utilities Corp is a utility company with fully integrated operations in North America. The utility provider produces green electricity from thermal power plants, hydroelectric, solar and wind facilities.

The C$ 12 billion market cap company recorded revenue of US$ 528.6 million in Q3 FY2021, 40 per cent up from Q3 2020. It is expected to dole out a quarterly dividend of US$ 0.171 per share on January 14.

The AQN stock closed at C$ 17.93 apiece on January 6, returning nearly one per cent in the last one month.

3.    TransAlta Renewables Inc (TSX:RNW)

TransAlta Renewables Inc transmits electricity produced from clean energy sources like hydroelectricity plants, wind farms and solar facilities.

TransAlta acquired a North Carolina-based portfolio of 20 operational solar photovoltaic plants (122 megawatts) on November 5, 2021. Its comparable EBITDA was C$ 102 million in the third quarter of FY2021, a YoY rise of C$ 6 million.

The Canadian electric utility firm is set to pay a monthly dividend of C$ 0.078 on January 31.

Stocks of this renewable energy utility firm closed at C$ 18.26 apiece on January 6, up by 0.11 per cent.

4.    Innergex Renewables Energy Inc (TSX:INE)

Innergex Renewables Inc owns and operates renewable power plants in the United States, Canada, Chile and France. The power producer reported third-quarter revenue of C$ 184.56 million in FY2021 compared to C$ 162.65 million a year ago. 

Innergex has also scheduled a quarterly dividend pay-out of C$ 0.18 apiece on January 17.

Stocks of this independent power company closed at C$ 17.47 apiece on January 6.

5 Canadian green stocks to buy in 2022

Image source: ©2022 Kalkine Media®

5.    Brookfield Renewables Partners L.P. (TSX:BEP.UN)

Brookfield Renewables Partners L.P. is involved in renewable power generation through its production facilities located throughout North America, Europe and Latin America.

Brookfield recorded funds flow from operations of C$ 210 million in Q3 2021, a YoY jump of 32 per cent.

Stocks of this renewable power generator closed at C$ 42.29 apiece on January 6.

Bottom line

Carbon neutrality has become a new target for many corporations around the world. With increasing climate change, economies are now emphasizing decarbonization, which could become an essential factor in the coming years.

Also read: Top 5 TSX energy stocks under $10 for your 2022 portfolio

Comment


Disclaimer

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK