Experts agree that hydrogen will impact reducing the world’s carbon emissions. Specifically, green hydrogen, made using electricity generated by renewable fuels, will power multiple industries over the longer term. Steelmaking, aviation and shipping are among the sectors likely to intensively utilize green hydrogen. Meanwhile, many countries are developing multiple, large-scale hydrogen projects. Germany intends to build 20 major hydrogen-fueled power plants. Additionally, nine of the world’s ten largest carbon emitters, including the U.S., China and India, have developed plans to use hydrogen. In short, many of the world’s largest countries intend to utilize hydrogen on a significant scale. Also importantly, the U.S. is in the process of adopting major tax credits for the production of green hydrogen. For investors who want to exploit the widespread proliferation of green hydrogen, here are three top hydrogen stocks to buy.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) has contracts to sell large amounts of green hydrogen to multiple, huge retailers starting next year. The company has reported that it can profitably sell green hydrogen that it creates at its own plants. The firm already has two of these plants in the U.S., with a third slated to begin operating next quarter.

Plug Power recently received conditional approval from the Biden administration for up to $1.66 billion of U.S. government loans. The firm will use the funds to build six more green hydrogen factories. I’m confident that the company will be able to sell green hydrogen to many truck operators, steelmakers, shipping companies and airlines long term.

The company is also on its way to becoming a huge producer of electrolyzers, which are used to create green hydrogen. Plug is currently planning the development of 4.5 gigawatts of such electrolyzers for other firms. The profit margins of this business are anticipated to continuously increase going forward, making PLUG one of the best hydrogen stocks to buy.

Air Products (APD)

Air Products (NYSE:APD) has decided to build a $7 billion hydrogen plant in Louisiana. The facility will generate hydrogen using natural gas, but it will use carbon capture technology to limit its hydrogen emissions. The plant is expected to generate positive cash flows for the firm. Among the industries slated to use the hydrogen generated by the plant are trucking and ocean shipping. What’s more, the firm thinks that entities in Europe and Japan may be interested in buying the facility’s hydrogen.

The firm has also developed plans for a $4 billion green hydrogen plant in Texas. However, Air Products is waiting for America’s green hydrogen tax credit to finalize all regulations before breaking ground. The company’s CEO, Seifi Ghasemi, said that the firm will go ahead with the project if the rules are in-line with the Biden administration’s preliminary guidelines. The Texas facility would reportedly become America’s largest green hydrogen factory. Since Plug Power has said that it can profitably generate and sell green hydrogen, I’m sure that Air Products will be able to follow suit.

Last quarter, Air Products’ EBITDA climbed 4% versus the same period a year earlier to $1.2 billion. Given the company’s high cash flow, Air Products is one of the best hydrogen stocks to buy for conservative investors.

Bloom Energy (BE)

In March, Bloom Energy (NYSE:BE) made a deal to explore decarbonization products with Shell Energy (NYSE:SHEL). The firms will try to develop such products based on Bloom’s hydrogen electrolyzers. The deal partially validates the technology behind Bloom’s electrolyzers and could lead to huge deals for Bloom over the longer term.

Moreover, earlier this month, Intel (NASDAQ:INTC) expanded an existing deal wherein Bloom’s fuel cells powered one of the chip maker’s data centers. With Intel building many chip factories in the U.S. ,there’s a good chance that Bloom will obtain multiple, lucrative contracts from the tech giant.

Saudi Arabia’s sovereign wealth fund “more than tripled its stake” in BE stock to 3.26 million shares last quarter.  

On the date of publication, Larry Ramer held long positions in PLUG and INTC. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.