The billionaire believes the entire green energy infrastructure would claim an area the size of Italy.

Human civilization needs $10 trillion to abandon fossil fuel resources and embrace the renewable ones for good, said American entrepreneur Elon Musk during the Investor Day at the Tesla Gigafactory in Austin, Texas.

Last week, Musk told investors that Tesla has prepared a "Master Plan" to transform the world by building an energy infrastructure based solely on non-fossil sources, including solar and wind power plants, charging stations, and battery factories.

An important part of the plan is to expand energy storage capacity to 240 TWh.

His vision also includes the extraction of 30% of all the world's nickel deposits and a significant amount of iron.

According to the planet's richest man, the plan could be achieved in just 20 years, and the land required for this mega-project would occupy only 0.2% of Earth's land surface or approximately 300,000 km2, equivalent to the size of Italy.

The billionaire did not specify whether he intends to lead this initiative or who should contribute the money for the transformation, although $500 billion a year doesn't seem like a lot for the entire international community.

He promised to publish a detailed analysis with arguments and cost calculation methodology soon.

Interestingly, Musk hardly talked about Tesla's development strategy, which was probably what investors were expecting most.