Republican gubernatorial candidate Bruce Blakeman wants to liquidate a dormant New York State “green” energy fund worth billions of dollars — and refund the money to ease the burden on taxpayers.
Blakeman said at a press conference in Westchester County on Thursday that the NYS Energy Research and Development Authority is sitting on a $2.4 billion “energy tax surplus” in the Climate Investment Account, which was earmarked to help the transition from fossil fuels to “green” energy.
The politician has called New York’s climate change law a green energy “scam” and slammed Gov. Kathy Hochul for soaring utility bills.
“Under Kathy Hochul, New York has become the most expensive state in the nation to keep the lights on,” said Blakeman, the current Nassau County executive who was joined at the presser by Assemblyman Matt Slater (R-Yorktown). “She has overseen 36 utility rate hikes while pushing mandates that produce little energy but massive costs.
“While families are choosing between buying groceries and paying for heat, Hochul’s administration is sitting on a $2 billion mountain of your money,” Blakeman said. “I pledge to end this slush fund and send that cash back to the people who earned it.”
Slater said, “This isn’t Kathy Hochul’s money—it’s your money.
“It is fundamentally unfair for Hochul to sit on a multibillion-dollar mountain of cash while seniors on fixed incomes and families are forced to choose between groceries and utilities,” Slater said. “When Bruce Blakeman is Governor, we’ll work together to return Hochul’s slush fund to ratepayers.”
Blakeman’s plan mirrors legislation proposed by Assembly Republicans in February.
In January, state regulators approved rate increases allowing Con Edison to hike electric bills by 10.4% and gas bills by 15.8% over three years — costing the average Big Apple resident an eye-watering $600 more per year by 2028.
Concerned about increased costs, Hochul has called for delaying the implementation of New York’s Climate Leadership & Community Protection Act of 2019.
The law requires a 40% reduction in statewide greenhouse gas emissions by 2030 and an 85% reduction by 2050, both from 1990 levels.
It also requires 70% renewable electricity by 2030 and net-zero emissions by 2050.
The Climate Investment Account is one of several funds created to receive revenues from the state’s “Cap and Investment” program. This program requires companies to pay a price for the pollution they generate and encourages large-scale greenhouse gas producers to transition to carbon-free energy.
The Climate Investment Account must invest at least 67% of its proceeds to curb New York’s carbon footprint.
Two other funds were also created to mitigate the costs of green energy mandates for consumers and small businesses.
