We absolutely need a low-carbon transition. That carbon transition will change from the exploitation of fossil fuels to the exploitation of minerals. That is so well known.
Critical minerals are required for transmission lines, EV batteries, generators, magnets and everything that goes into making the sun into actual electricity that we can dispatch to a consumer. With some of the minerals, like lithium, we need 10 or 12 times the mining that we're doing right now. For others, like copper, it's three or four times. Overall, our projection of minerals in the world...We can't have a transition until those mines get built. That takes 10 to 15 years. They're at an affordable rate, so we can start buying them.
We have to make mining more affordable. We have to get more product to market. We have to enhance our supply chains. Guess what? The fact we're in an energy crisis, and oil and gas costs more, means that everything in that mineral supply chain is also going to be more expensive. For the first time after a decade we're seeing solar panels costing more, and electric vehicle batteries costing more. The price of a Tesla is a third more than it was a year ago.