What works best in this photograph is the alignment between gesture and light. The statue seems to reach for the sun, almost catching it between the fingers. That small coincidence gives the image its tension.
The low angle gives the figure weight and authority. The raised arms pull the whole frame upward, while the clouds add drama instead of acting as a neutral background.
In black and white, the image would probably become stronger and more severe. The photograph is already built on contrast, silhouette, sky, and gesture, so it does not depend heavily on color.
The main gain would be symbolic force: light against mass, body against sky, hand against sun. The main loss would be the bronze-green texture of the statue and some of the atmosphere in the sky.
I would keep the highlights around the sun controlled, preserve some detail in the torso, and let the clouds stay dark and textured. Color gives the image atmosphere; black and white would give it gravity.