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Joe Bidens’ win could explode this 1 TSX stock




The next big push into the renewable energy space arrives with the new White House administration on January 21, 2021. Joe Biden will be sworn in at the age of 46.e The president of the United States. Investors expect renewable energy stocks to take center stage when Biden leads the clean energy revolution.

On the Toronto Stock Exchange (TSX), Brookfield Renewable Partners (TSX: BEP.UN) (NYSE: BEP) looks set to explode again. The green stock is performing superbly, as evidenced by its 59.95% gain since the start of the year. If the company can offer solutions to global warming, it could achieve its growth target in the US market. Income, value and growth investors should watch out for this TSX stock.

Campaign promise

During the campaign, one of the Biden-Harris tandem’s promises is to pass America’s most progressive clean energy law. Likewise, the Biden administration plans to invest US $ 400 billion over ten years in clean energy and innovation.

Joe Biden’s work schedule is hectic. The United States will join the Paris Climate Agreement on its first day. In his first 100 days in office, he will convene a world climate summit. In the first year, Biden will work with Congress and hopefully enact clean energy legislation in 2021.

Canada’s net zero emission plan

After Prime Minister Justin Trudeau’s Speech from the Throne in September, his administration promised to present his plan for climate targets for 2030 “immediately”. Next week, the climate responsibility law will be on the table. Canada will formally commit to meeting its goal of zero net greenhouse gas emissions by 2050. The bill will establish a mandatory five-year national goal to reduce emissions from 2025.

The federal government will also launch new standards for cleaner fuels in December. Sector-by-sector consultations will also begin to set reduction targets. Trudeau will offer incentives to increase the use of clean energy and develop the electric vehicle market.

The federal government is also promising a national hydrogen strategy, which is a key part of the strategy to reduce net emissions. It should identify potential industrial uses of hydrogen as a fuel source.

Transition to a greener future

Brookfield Renewable will certainly play a vital role in any clean energy revolution. According to Connor Teskey, CEO of Brookfield Renewable, the goal is to grow the business. The goal is to provide long term returns of 12% to 15%. It will leverage the size and operational expertise to help governments and businesses around the world make the transition to a greener future.

This $ 13.79 billion company is very liquid, about $ 3.3 billion in cash, and the balance sheet is good. From a debt perspective, there is no significant maturity in the next five years. Recent additions to Brookfield’s power include Terraform Power in North America and European solar and wind assets in Europe.

Green wave

The renewable energy space will gain more attention with Joe Biden’s victory. Demand for renewable energy will increase when the United States, Canada and other major greenhouse gas-emitting countries activate their respective carbon reduction targets in 2021.

Meanwhile, expect Brookfield Renewable to take advantage and generate huge profits from the green wave. Growth in capital and dividends awaits potential investors. Some analysts even say green power is viable with or without government support.

Silly contributor Christopher Liew has no position in any of the listed securities.

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