Blockchain technology is driving innovation and scale-up in the energy, climate, and environmental sectors. SolarCoin, a blockchain-based digital asset and currency, is designed to accelerate the transition to a clean energy economy. As a blockchain based technology, SolarCoin is global and decentralized, with similarities to cryptocurrencies like Bitcoin. SolarCoin stands out, because unlike these, SolarCoin ‘binds’ the disbursement of digital coins to useful economic and environmental activity – verifiably produced solar energy.
SolarCoin uses the unique characteristics of blockchain technology to create a phenomenon that is:
a free, additional reward for solar energy producers
the first digital currency to protect natural capital
the first global, decentralized, non-governmental solar energy incentive program
SolarCoin, an open community project, was created in 2014 by a group of founders and volunteers working together as the SolarCoin Foundation. The SolarCoin Foundation rewards solar energy producers with blockchain-based digital tokens at the rate of 1 SolarCoin (SLR) per 1 MWh of solar energy produced.
This paper serves as a call to action for governments, NGOs, and the solar industry to recognize and seize the opportunity of SolarCoin, and thus help drive the global clean energy transformation.