Yes, some of the stuff in lithium batteries is toxic...but all the components are 100% recyclable. So long as we don't throw them in to landfills it's all good. Just like lead acid batteries, I assume there will be some financial incentive to trade them in, rather than just throw them in the dump.
Keep in mind, that with our reliance on oil that we are dependent on a relatively small number of non-local producers (Alberta, Middle East, Russia, etc). The suppliers influence the price on the supply side through organizations like OPEC (I never understood how that is even legal). With electrification, we can produce energy locally (nuclear, hydro, solar) so we're not hostage to the whim of some Sheiks...blue eyed or not. In fact, you can make your own electricity and not be reliant on anyone...I dont think you can make your own gasoline. Electrical production fosters a lot more competitive market as it can be created in a number of ways on a macro and micro level.
At this point, I think the debate is over...whether you like it not...in 30 years ICEs will be niche products limited to few small market segments.