Oil prices are surging again, but according to Fatih Birol, executive director of the International Energy Agency (IEA), the era of continuous fossil fuel growth won't last much longer.

In an op-ed published in the Financial Times, Birol projected that demand for oil, gas and coal will peak before 2030.

"This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated," he wrote.

While the prime time for fossil fuels is forecasted to be on its way out, a major issue still lingers.

"The projected declines in demand we see based on today's policy settings are nowhere near steep enough to put the world on a path to limiting global warming to 1.5C," Birol said. "That will require significantly stronger and faster policy action by governments."

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While global warming remains a pressing concern, some corporations have risen to the challenge. Here's a look at two green stocks that are actively tackling the issue — Wall Street also sees upside in this duo.

First Solar Inc. (NASDAQ:FSLR)

In his column, Birol cited "the spectacular growth of clean energy technologies such as solar panels and electric vehicles" as the main drivers behind the transition to clean energy.

Solar energy can play a significant role in reducing greenhouse gas emissions. One reason is that it produces no emissions during the power generation process. And according to the United Nations, life-cycle assessments of solar power "clearly demonstrate that it has a smaller carbon footprint from ‘cradle-to-grave' than fossil fuels."

First Solar's solutions help humans harness the power of the sun. The company produces solar panels, including those used in utility-scale solar power plants.

Thanks to an increase in the volume of modules sold and a higher average selling price, First Solar brought in $811 million in net sales in the second quarter of 2023. This marks a $262 million increase from the first quarter.

For the full year, net sales are projected to be between $3.4 billion and $3.6 billion.

Piper Sandler analyst Kashy Harrison has an Overweight rating on First Solar and a price target of $240. Considering that shares traded at $174.61 this week, the price target implies a potential upside of 37%.

Tesla Inc. (NASDAQ:TSLA)

According to the U.S. Environmental Protection Agency (EPA), 28% of America's greenhouse gas emissions in 2021 came from the transportation sector — particularly from burning fossil fuels for cars, trucks, ships, trains and planes.

The EPA estimates that a typical passenger vehicle emits approximately 4.6 metric tons of carbon dioxide per year.

Tesla is helping resolve the issue by producing electric vehicles (EVs) that have no tailpipe emissions.

The company is making an impact. In the second quarter of 2023, it delivered 466,140 vehicles, representing an 83% increase year over year.

Tesla has been one of the more volatile names in the stock market. Shares fell 65% in 2022 but are up 150% in 2023.

Morgan Stanley analyst Adam Jonas sees further upside on the horizon. The analyst has an Overweight rating on Tesla and a price target of $400, implying a potential upside of 47%.

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