Tesla Inc TSLA held its first Investor Day event on Wednesday at the Austin, Texas-based Gigafactory, where CEO Elon Musk unveiled the third part of his Master Plan.
In order to transition the global economy to a 100% clean and renewable sustainable energy economy by 2050, Musk believes that Tesla, the company, not the car, can help achieve this goal.
What Happened: Musk stated that a vast amount of battery energy storage is required at a very large scale to achieve the transition to sustainable energy.
The CEO estimated this would take up approximately 0.2% of the entire globe's surface for wind and solar solutions. The total investment, including battery factories, recycling factories, new vehicle factories and more would be approximately $10 trillion — which Musk downplayed as just around 10% of the entire world's GDP in 2022.
The scope of work to eliminate the use of fossil fuels would include the following: renewable power for the existing grid, switch to electric vehicles, switch to heat pumps, sustainable fuel planes and boats and the delivery of high temp heat and hydrogen.
Musk conveyed a message of hope and optimism, saying, "Earth can and will move to a sustainable energy economy, and will do so in your lifetime."
Tesla has already made significant strides toward sustainable energy. The company's electric vehicles are well-received by consumers, and Tesla's solar and energy storage businesses have experienced impressive growth in recent years.
Read Also: New Tesla Plant Gets Go Ahead In Mexico: What You Need To Know
The transition to a sustainable energy economy is a monumental task, but Musk and Tesla are working towards a brighter future. The CEO's Master Plan had always been to accelerate the world's transition to sustainable energy, and with the unveiling of the third part of the plan, the company is making progress toward achieving this goal.
“I want today to be not just about Tesla or investors who own stock,” Musk said. “But really anybody who is an investor in Earth — what we’re trying to convey is a message of hope and optimism. Optimism that is based on actual physics and real calculations, not just wishful thinking.”
Photo: Tesla Investors Day 2023 screenshot, Tesla YouTube
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