3 Green Penny Stocks to Watch After UN Report: Eco Depot Inc. (OTCMKTS:ECDP), Electrameccanica Vehicles Corp. (NASDAQ:SOLO), NEXE Innovations Inc. (OTCMKTS:NEXNF)

The U.N released a climate report on Monday that found global warming is dangerously close to spiraling out of control. Even the most severe carbon emission cuts are unlikely to prevent global warming of 1.5 degrees Celsius above pre-industrial temperatures by 2040, a level that many scientists believe must be achieved to avert catastrophic climate change.

Green investing has attracted a flood of cash and boosted companies like electric car maker Tesla Inc and clean energy company NextEra Energy that promise to help a transition away from fossil fuels.

But sustainable investment managers are confronting a two-sided challenge for ESG, or environmental, social and governance, funds.

Globally, sustainable funds hit a record high of $2.24 trillion in assets in the second quarter, Morningstar data showed, up 12% from the end of March.

This will lead more investors into green plays across the board which is why we’re focusing on 3 of the best green investments in the penny stock realm:

Eco Depot Inc. (OTCMKTS:ECDP)

ECDP hit its 52 week low of $1.06 Monday, and Tuesday bounced 7 cents or 6.6% to $1.13. The stock is still on the upswing. The company’s Bronya Climate Shield paint line that helps reduce energy costs up to 40% have made a lot of promising news recently.

The company is set to begin production of the paint in the 4th quarter, which is why 3rd quarter investing could be so profitable.  

The production will occur at their brand new facility in Montreal, Canada.  The facility, which is the company’s first, will be 4,200 square feet with a production of 2,700 gallons per day which works out to nearly $40 million in pre-tax revenue.

One reason ECDP could hit this revenue potential is the product launch will occur at the country’s largest hardware show; the North America National Hardware Show in Las Vegas Nevada from October 21st through to the 23rd.  This is actually more of an international show featuring some of the largest names in hardware from Lowes to Home Depot among 2,800 Exhibitors with over 20,000 Participants that will be attending this year’s show that was canceled this spring on May 6th and last year due to the Covid -19 Pandemic. 

Electrameccanica Vehicles Corp. (NASDAQ:SOLO)

Electrameccanica is a producer of environmentally friendly cars or EVs, geared at the commuter market. While many big-name EV brands are trying to replace traditional cars, SOLO is working to carve out its own niche. In addition to commuting, SOLOs cars are used for delivery, shared mobility, and more. 

At the end of last week, ElectraMeccannica announced a tour with the former Governor of Michigan and U.S. Secretary of Energy, Jennifer Granholm. This came alongside Biden’s announcement of the over $1 trillion spending package, which includes sizable funding for EVs. CEO of Electrameccanica,

NEXE Innovations Inc. (OTCMKTS:NEXNF)

Nexe Innovations is in the business of manufacturing and commercialization of compostable, plant-based coffee pods. The company believes that the market size for single-serve coffee pods is $30 billion globally.

With environmental concerns, the compostable pod is likely to make inroads in the big addressable market. The company is expecting to have a production capacity of 220 million coffee pods by Q1 2022.

It’s also worth noting that the company is not limited to the coffee pod market. In the coming years, the company intends to expand into areas that include plant-based masks, make-up containers, eyeglass frames and meat trays. Therefore, there is an opportunity for sustained growth.