Elon Musk stated that continuing to rely on fossil fuels would cost approximately US$14 trillion, while completely switching to clean energy would require investment of US$10 trillion.
In its Master Plan Part 3 published on Thursday, Tesla Inc. stated that in order to supply the renewable power generation and electricity storage capacity required to power the global economy entirely using carbon-free energy, a massive expansion of metal refineries and solar panel factories is required over the course of the next 20 years.
The white paper elaborates on Musk's vision for a world devoid of fossil fuels, which he first presented at the investor day last month.
Tesla Inc Chief Elon Musk goes to the initial service of the new Tesla Gigafactory for electric vehicles in Gruenheide, Germany, on Walk 22.
Photo: Reuters
"Earth will move to a supportable energy economy," Musk said during the occasion in Austin, Texas. " Additionally, it will occur in your lifetime.
A retooling of heavy industries like steel and cement manufacturing, underground hydrogen caverns to store energy, upgraded wind and solar-powered grids, global arrays of battery farms, and homes and businesses warmed or cooled by heat pumps are all visions Tesla has for the future.
Tesla stated that the alternative, which would entail continuing to produce oil, coal, and natural gas, would cost approximately US$14 trillion over the next two decades at the rates of last year.
The global energy system Musk envisions requires 240,000 gigawatt-hours of storage batteries and approximately 30,000 gigawatts of renewable power.
Those figures contrast with renewables limit of 3,214 gigawatts in 2021 and a fixed energy stockpiling area that is gauge to have 1,432 gigawatt long stretches of limit toward the finish of the 2030, as per BloombergNEF. Tesla and other clean technology companies would greatly benefit from that.
Musk contends that the US$10 trillion investment cost of a cleaner world is manageable when spread out over two decades and is only a small portion of the US$100 trillion global economy.
He stated to investors last month, "Over 20 years, it would be 0.5 percent of the global economy." So this is certainly not a major number."
Under Musk's scenario, the global metals industry would be in for a major demand boom. According to Tesla's projections, the mining capital expenditure of US$502 billion and the refining expenditure of US$662 billion would be required to produce the nickel, lithium, copper, and other materials that will be used in batteries and equipment for clean energy.
In order to obtain the metals required for the transition to cleaner power sources, the world would need to dig up 3.3 billion tonnes of earth annually at peak levels. However, the company stated, that is significantly less than the 15.5 billion tonnes currently extracted for the fossil fuel industries.
It also stated that there is little chance that the world will run out of needed metals because only a small portion of the current resources are required and a higher demand would encourage explorers to look for new deposits.
Reusing will start to seriously supplant new metals supply from 2040, as terminated batteries, sunlight based chargers and wind turbines are collected for reuse.
Other materials will be reduced or eliminated gradually: utilizing artificial graphite in batteries, using copper instead of silver in solar panels, and removing rare earths from wind turbines.
In the document, Tesla stated, "The electrified and sustainable future is technically feasible, requires less investment, and requires less material extraction than continuing today's unsustainable energy economy."
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