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Highlights
- Canada released the 2030 Emission Reduction Plan on Tuesday, March 29, with the aim to slash emissions by 40 per cent by 2030.
- This revised climate plan included a new investment of C$ 9.1 billion to reduce pollution and promote a “stronger” economy.
- Prime Minister Trudeau said this new climate plan could put Canada back on the map to attain net-zero emissions by 2050.
Canada released the 2030 Emission Reduction Plan on Tuesday, March 29, with the aim to slash emissions in the country by 40 per cent (from 2005 levels) by 2030. This revised climate plan included a new investment of C$ 9.1 billion to reduce pollution and promote a “stronger” economy.
Prime Minister Justin Trudeau said that this new climate plan could put Canada back on the map to attain net-zero emissions by 2050.
Let us talk about two TSX stocks amid this climate change-oriented development in Canada.
Algonquin Power & Utilities Corp (TSX: AQN)
Algonquin Power & Utilities, earlier in March, released its fourth-quarter and annual results for the fiscal year 2021.
The Oakville-based utility company saw its top line surge by 21 per cent year-on-year (YoY) to US$ 594.8 million in the latest quarter and realized yearly revenue growth of 36 per cent in 2021 compared to 2020.
However, its net profit declined 65 per cent YoY to US$ 175.6 million in Q4 FY2021.
AQN stock swelled by over seven per cent in the last one month and closed at C$ 19.44 apiece on Tuesday.
Also read: Shopify (TSX:SHOP) to invest in carbon removal solutions: Buy alert?
Northland Power Inc (TSX: NPI)
Northland Power saw its sales stand at C$ 640.09 million in Q4 2021, up from C$ 492.83 million a year ago. It significantly improved its net profit from C$ 26.79 million in 2020 to C$ 129.52 million in 2021.
NPI stock surged by roughly eight per cent year-to-date (YTD) and closed at C$ 40.83 apiece on Tuesday.
Bottomline
Algonquin Power and Northland Power are utility companies powered by clean energy sources. They are also known to generally provide steady dividends, which can be a point to consider if considering clean energy stocks.
Also read: Why is Hycroft Mining (HYMC) stock soaring again?
