The concept of best climate change stocks to buy for 2023 presents a critically ethical tone. According to multiple scientists and investigative reports, human-caused environmental impact imposed many negative developments on our planet. To mitigate and hopefully reverse the consequences of prior activities, we must start taking action now.

Unfortunately, a perception exists that even the best climate change stocks to buy will not be profitable. After all, in perhaps most circumstances, doing good comes at great sacrifice. However, McKinsey & Company assert the opposite. Essentially, sustainable companies use less resources. In turn, this increased efficiency reduces operating budgets.

Per McKinsey, the aforementioned reduction could be as much as 60%. Therefore, going green can lead to getting green – as in green-colored Federal Reserve Notes. And on that note, below are the best climate change stocks to buy.

Unilever (UL)

For those that follow Unilever (NYSE:UL) beyond its core business of providing various consumer goods, its ranking atop this list of best climate change stocks to buy shouldn’t be surprising. After all, the company loves to put its money where its mouth is regarding various positive initiatives.

Back during the worst of the coronavirus pandemic when deep-seated historical issues came to the forefront, Unilever stepped forward and issued a commitment for racial justice. A few years ago, Unilever joined other organizations to promote peace in conflict zones. Notably, it doesn’t let criticism about going “woke” detract it from doing what it believes is right.

Recently, Unilever issued a statement that “[c]limate change is now a climate crisis.” To that end, it announced various go-green initiatives across its business and value chain. It also encouraged its partners and other organizations to push net-zero commitments. For those that want to invest and feel good doing so, UL easily ranks among the best climate change stocks to buy for 2023.

Mondelez (MDLZ)

Well known for its confectionaries, Mondelez (NASDAQ:MDLZ) also garnered attention for its ethical principles. Per its website, Mondelez is determined to make its snacks the right way to meet both global preservation needs as well as to serve its customers. To that end, Mondelez primarily focuses on sustainably sourced key ingredients.

However, what makes Mondelez one of the best climate change stocks to buy is that it’s not just focused on hugging trees. Rather, it also features programs to promote human rights.  As the United Nations pointed out, “[c]limate change has profound impacts on a wide variety of human rights, including the rights to life, self-determination, development, food, health, water and sanitation and housing.”

As well, sustainable economies empower its citizens to make green-friendly choices without forcing them to choose between sustainability and sustenance. Another factor that favors MDLZ as one of the best climate change stocks to buy centers on viability. Currently, Wall Street analysts rate Mondelez as a consensus strong buy.

IBM (IBM)

In recent years, I’ve pounded the table on legacy technology firm IBM (NYSE:IBM). Once a laggard in the broader tech ecosystem, the company turned itself around lately, focusing more on relevant initiatives such as cloud computing. As well, “Big Blue” pays a fairly big dividend, making it attractive under any circumstance.

However, IBM wears many hats, including as it turns out as one of the best climate change stocks to buy. “To respond to the global climate emergency, we’re using AI and hybrid cloud to accelerate discovery of climate mitigation and adaption solutions. We’re improving carbon emission performance through optimization and capture, and preparing enterprises for the impact of climate change,” the company stated on its website.

Although pejorative criticisms exist about woke companies going broke, that might not be the case for IBM. Per Gurufocus.com, the market prices IBM at a forward multiple of 13.9. In contrast, the sector median forward multiple pings at 25.64. Thus, you can get a great deal on one of the best climate change stocks to buy.

Disney (DIS)

On surface level, entertainment giant Disney (NYSE:DIS) presents somewhat of a mixed bag when it comes to best climate change stocks to buy. As a world-famous enterprise, people from all over travel to its theme parks. Invariably, that leaves a significant carbon footprint. However, the company is doing everything it can to provide a sustainable experience to its guests.

Over the years, Disney implemented various initiatives to reduce emissions. For instance, the company’s Walt Disney World Resort partnered with local utility partners to develop two new 75-megawatt solar facilities. Further, at Shanghai Disney Resort, the entertainment stalwart converted 100% of the toilets in their Team Disney Administration building restrooms from potable water to non-potable, saving 2.1 million gallons of potable water in 2021.

While DIS took a beating in 2022, circumstances appear much more auspicious this year, gaining 23% since the January opener. As well, Wall Street analysts rate Disney as a consensus strong buy. Further, after a drawdown among hedge funds, sentiment among these institutional players rates as positive.

Johnson & Johnson (JNJ)

One of the biggest names in the broader healthcare sector, Johnson & Johnson (NYSE:JNJ) generally provides investors with solid (albeit admittedly unexciting) market performances. In the trailing year, shares dipped a tad more than 2%. Still, this price action beat out the benchmark equities index during the same period (which lost 10%). So, JNJ usually doesn’t steer stakeholders wrong.

Even better, regarding the best climate change stocks to buy, management forward several programs to support the environment. In addition to tackling urgent healthcare needs worldwide, the company also pledged to help reduce plastic waste. Also, the firm’s consumer health unit committed $800 million through 2030 to make its products more sustainable.

Currently, Wall Street analysts rate JNJ as a consensus moderate buy. Also, their average price target of $185 implies upside potential of 10%. As well, its difficult to overlook both its 2.69% forward yield and 61 years of consecutive dividend increases.

Honda (HMC)

At first glance, it might be a little bit odd to consider automaker Honda (NYSE:HMC) as one of the best climate change stocks to buy. After all, combustion-powered automobiles obviously impose a carbon footprint. Plus, Honda arguably isn’t the most aggressive in terms of pivoting toward electric vehicles. That said, Honda’s legendary reliability helps reduce waste overall, which rates positively for the environment.

Also, I’d be remiss not to point out that Honda has several EVs planned in its future product pipeline. Moreover, the automaker targets an ambitious goal of carbon neutrality across all products and corporate activities by 2050. Interestingly as well, management also seeks to eliminate fatalities involving Honda motorcycles and cars by the aforementioned year. Stated differently, HMC ranks among the best climate change stocks because the underlying enterprise puts humans first.

Although Honda has become ubiquitous on American roads, it doesn’t attract much attention among investors. Currently, no analyst covers HMC. That might change, though, as the automaker promotes holistically positive initiatives.

Allbirds (BIRD)

While footwear and apparel company Allbirds (NASDAQ:BIRD) may be one of the best climate change stocks to buy, it’s also incredibly risky from any other context. In the trailing year, BIRD gave up a horrifying 77% of equity value. To be fair, it’s up over 25% in the year so far. Nevertheless, you’re going to need to be committed to the environment for this opportunity.

On the positive end, it could be possible that Allbirds represents a new brand of capitalism; that is, forwarding a framework where the pursuit of profitability doesn’t necessarily exclude positive outcomes for the planet. It has an ambitious goal of cutting its carbon footprint by half by the end of 2025. By 2030, it seeks to reduce its carbon footprint to near zero.

Interestingly, despite the turmoil that Allbirds endured last year, analysts remain largely undeterred. Per Wall Street’s experts, they rate BIRD as a consensus moderate buy. Even more impressive, their average price target implies nearly 90% upside potential.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.