According to Tesla analysts, the transition to renewable energy sources will cost humanity about $10 trillion over the next 20 years.
But continuing to use fossil fuels will be even more expensive. This was reported in a report published by Tesla on Wednesday, April 5, on the transition to green energy.
According to the company’s analysts, maintaining the current energy system using oil, gas, and coal will cost $14 trillion, that is, $4 trillion more.
“Over 20 years, this ($10 trillion) will be about 0.5% of the global economy, so it’s not that much money,” said Tesla founder Elon Musk.
As noted in the report, the transition to green energy requires the creation of a system of solar, wind, and other power plants from renewable sources, as well as huge energy storage facilities with a large number of batteries and underground hydrogen storage.
The plan also involves the construction of a large number of factories for the production of solar panels, batteries for storing energy obtained from renewable sources, etc. In addition, it is necessary to rebuild the energy supply systems of various objects – from factories to residential buildings – to the new system.
Tesla estimates that humanity needs a total of 30,000 GW of green power generation capacity and 240 GWh of green energy storage capacity.
According to BloombergNEF, in 2021, 3.2 thousand GW of renewable energy were produced worldwide, and by 2030, according to current plans, 1.4 GWh of storage should be built.