Central Solar Reserve Bank of Accompong
The Central Solar Reserve Bank of Accompong has been enacted to function both as the monetary authority of Accompong, as well as a major conduit to renewable energy finance and sustainable development. As an institution that has been designed to meet the challenges of the 21st Century, the Central Solar Reserve Bank of Accompong seeks to establish itself as a unique and modern central bank in the heart of the Caribbean.
The Central Solar Reserve Bank of Accompong is scheduled to issue its first physical notes, called the LUMI, in October of 2016.
A New Monetary System
The founding principle behind the Central Solar Reserve Bank of Accompong is the creation of a dynamic, sound and comprehensive new local monetary system. A new monetary must possess a currency that is universally recognized and understood, a currency that will not change significantly over time, a currency whose liquidity will always meet market expectations, and a currency backed by a valuable commodity other than gold. Today we see that energy is the most valuable, endurable, measured and consumed commodity in the global market place.
At the same time, not every source of energy is of equal value. The recent disaster in Japan is a permanent reminder of the immense environmental risks connected to the usage of nuclear energy. Meanwhile, rising sea levels in the Caribbean and innumerable other forms of environmental damage stemming from global climate change speaks to the hazards that result from excessive fossil fuel consumption within the current energy regime. Indeed, rapid deforestation and soaring food prices highlight how Africa and the Caribbean are among the worst regions affected by global climate change.
Financial developments involving carbon credits mixed with a global awareness of the need to decrease carbon emissions through the usage of renewable energy sets the stage upon which the Central Solar Reserve Bank of Accompong has been created. The Bank Acts permits for the creation of a currency that is fully backed by the production of solar energy and callable solar reserves. This means that for every dollar that is issued there is a commodity of equal value that exists in the form of solar energy.
Timothy Elisha McPherson Jr.
Founding Governor/Acting Minister of Finance