MIT Colab
Alternative Currency

Pitch ... The Solar Dollar is a currency for the people: to be issued as a reward for climate mitigation and financed by Green Quantitative Easing.

Burgess COMMENTARY

Peter Burgess

Pitch ... The Solar Dollar is a currency for the people: to be issued as a reward for climate mitigation and financed by Green Quantitative Easing.

Description

Summary

Changing Everything Global 4C

The Solar Dollar (SOL) is a world currency for a cohesive social-and-environmental movement that will change everything. The new currency will avoid political delay and will systemically change the global economy to address the true Social Cost of Carbon (SCC). SOL is 'money', but unlike traditional banking, SOL will be issued as debt-free rewards for the proven mitigation and sequestration of greenhouse gases. SOL will incentivise technological innovation and adoption. Our broad vision is to offer SOL rewards to enterprises of all sizes, in all sectors of the economy (energy, industry, domestic, agriculture, etc), and in all geographic locations (local to global).

SOL is a digital currency traded over the Internet and mobile phones using the Bitcoin Blockchain. SOL will be issued by licensed auditors who will receive data from participating enterprises, and will undertake assessments based on statistical rules. The mitigation data will be deposited in a global public database for transparency and improved market efficiency.

SOL will aggregate with carbon taxes to reduce greenhouse pollution

SOL will complement existing carbon markets (cap-and-trade)

SOL are not carbon credits

SOL will not pay twice for carbon offsets

White Paper | 2014 Winner | 2014 Finalist | Bitcoin | Hague | Global 4C |

Solar Dollars

THE ROADMAP has three stages. Stage 1 is launched by a private consortium. New legislation is not needed, and this avoids political delay. SOL issuance and trading will grow rapidly as a global movement at the nexus of economic and environmental issues. Stage 2 begins when enough people (50-100 million) buy SOL to create a political tipping-point for U.N. negotiations. Stage 3 will involve 100+ years of carbon debt de-leveraging and a new monetary paradigm.

STAGE 1 begins with six pilot projects in different regions. These pilots will be coordinated as an integrated action plan to test and commercialize the SOL administrative system (rules, software, contracts, security, etc). The business model will aim for exponential growth by offering multi-level SOL commissions to auditors and administrators. The SOL movement will operate through multiple channels: social media, commissions, trading, and public debate. This will unify disparate groups with a common strategy. Citizens everywhere will be encouraged to buy SOL as a proxy vote for the new policy.

STAGE 2 begins with a U.N. meeting to register SOL as a World Currency in ISO4217 with one or more tickers (SOL, SUN, SAM, YAN, & SON). Central banks (BIS) and political leaders will negotiate to back the SOL with a World Monetary Union for Climate Change. Wall Street investors will speculate on the negotiations, driving the SOL price higher, and this momentum will encourage the U.N. Security Counccil (p. 74-76) to ratify the policy. A central bank protocol will fund the SOL system with Green Quantitative Easing (GQE). This will avoid taxes and foster real economic growth.

STAGE 3 Third Industrial Revolution and Monetary Ecosystems will support the UN Sustainable Development Goals.

Global 4C Monetary Supply-Demand

SOLAR DOLLAR SYSTEM:

Unit of Account: 100 kg CO2-e verifiably mitigated. SOL supply is pegged to assessed mitigation.

Medium of Exchange: digital currency over the Internet, mobile phones, and banking systems.

Social Agreement: SOL will be issued to mitigating enterprises under the Beneficiary Pays Principle. Costs will be spread globally as inflation, and SOL prices will be managed under an international monetary protocol. A public ledger will provide security and digital contracts will enforce agreements (defaults and demurrage).

Store of Value: during Stage 1, demand for SOL is created by citizens who buy SOL as their vote. A nascent SOL bull market will emerge in anticipation of Stages 2 and 3. During Stage 3, demand will be created by central banks that buy SOL with fiat currency created by GQE. A planned SOL bull market will preserve wealth and stabilize the economy. Climate sensitive commodities will be traded in SOL.

Global 4C Financial System

Public Benefits