Blakeman Calls for $2.4B Refund From NY Climate Fund

Nassau County Executive says funds should go to ratepayers to ease rising utility bills

Apr. 10, 2026 at 1:05pm

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A quiet, cinematic painting of a solitary office desk in a dimly lit room, with warm diagonal sunlight and deep shadows, conceptually representing the political debate over climate investment funds.As political tensions rise over how to allocate New York's climate investment funds, the debate exposes deeper questions about the balance between affordability and long-term decarbonization goals.NYC Today

Bruce Blakeman, a Republican candidate for New York governor, is calling on state officials to liquidate the state's Climate Investment Account and return roughly $2.4 billion to taxpayers. Blakeman framed the move as a way to directly ease rising energy costs for households and small businesses, recasting the technical cap-and-invest budget account into an immediate affordability promise ahead of the 2026 election.

Why it matters

The Climate Investment Account was created as part of New York's cap-and-invest framework to fund projects that cut greenhouse gas emissions, while a separate consumer account is meant to offset consumer costs. Blakeman's demand to refund the money could face legal and administrative hurdles, as the state has been developing an investment framework to prioritize clean transportation, low-carbon buildings, and benefits for disadvantaged communities.

The details

At a Westchester press conference, Blakeman called on state officials to liquidate the Climate Investment Account, which he labeled a "green energy 'scam'" and said the New York State Energy Research and Development Authority (NYSERDA) is "sitting on" about $2.4 billion that should be refunded to ratepayers. Blakeman tied the demand to rising utility bills and blamed the Hochul administration, pointing to recent Consolidated Edison filings that project multiyear rate impacts for customers.

  • Blakeman made the call for the $2.4 billion refund at a press conference in Westchester on April 10, 2026.

The players

Bruce Blakeman

The Republican candidate for New York governor who is calling for the $2.4 billion refund from the state's Climate Investment Account.

New York Climate Investment Account

A budget account created as part of New York's cap-and-invest framework to fund projects that cut greenhouse gas emissions.

NYSERDA

The New York State Energy Research and Development Authority, which manages the Climate Investment Account.

Kathy Hochul

The current Democratic governor of New York, whom Blakeman is blaming for the rising utility bills.

Consolidated Edison

The utility company that has filed multiyear electric and gas rate plans with shaped bill impacts across 2026 to 2028, which Blakeman is using to bolster his affordability argument.

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What they’re saying

“Blakeman labeled the account a "green energy 'scam'" and said NYSERDA is "sitting on" about $2.4 billion that should be refunded.”

— Bruce Blakeman, Nassau County Executive

What’s next

State lawmakers have already introduced measures to force surplus or uncommitted funds from the Climate Investment Account back to ratepayers. Senate Bill S8461 would require uncommitted funds collected "on a bill-as-you-go basis" to be credited to customer accounts. However, the Department of Environmental Conservation and NYSERDA have been developing an investment framework that prioritizes clean transportation, low-carbon buildings and benefits for disadvantaged communities, which means any wholesale liquidation could face legal and administrative hurdles.

The takeaway

Blakeman's demand to refund $2.4 billion from the Climate Investment Account is a clear affordability play ahead of the 2026 election, but it faces significant legal and administrative obstacles. While the idea of sending money back or crediting bills is easy to explain, the state would have to sort out what counts as "uncommitted" money and whether cashing out climate investments would undercut long-term decarbonization plans.