Silver is set to become a major beneficiary of emerging industrial applications.
That includes sources of renewable energy, solar specifically, which continues to ramp up around the globe in response to a combination of carbon emissions legislation and a rapid decrease in the cost of “green” electricity. President Joe Biden has made addressing climate change one of his top priorities and has ambitions to legislate a more rapid transition to clean technologies that favor not just silver but other metals as well.
According to a report by CRU Consulting, solar power generation will increase to 1,053 terawatt hours (TWh) by 2025, close to double the amount that was generated in 2019. Amazon alone is planning five major solar projects around the world, including its first in China, as the retail giant seeks to reach 80% renewable energy by 2024 and 100% by 2030. Once completed, these five projects will generate 1.2 million megawatt hours (MWh) of energy every year, or enough to power 113,000 average U.S. homes.
