Einstein once stated, there are only 2 infinite things, the universe and human stupidity, but he was not certain about the former.
Lithium by itself does nothing. However smart people have found a way to combine it with other chemicals and produce something that can hold energy. The planet is telling us to stop burning the fossil fuels or we go back to a much warmer place with catestrophic results, so the oil left must be used for purposes other than burning, which there are many. That is where oil will be consigned to in a couple of decades.
The storage of energy is possible in many ways, lithium ion just being one of the lightest and efficient known about today, and has a rapidly falling price to boot!!
Something better MIGHT come along one day, but until then lithium is what the world has chosen to use. As it is the lightest metal, it is going to be difficult beating it on weight, plus we just have Toyota axing the hydrogen plans to go electric like every other car manufacturer. So if anything lithium is now the VHS with the hydrogen fuel cell being the betamax technology.
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