(Bloomberg) -- Russia needs to modernize its economy to compete with the European Union on reducing carbon emissions, President Vladimir Putin said on the eve of a climate summit being organized by his U.S. counterpart Joe Biden.

The cumulative volume of net emissions from Russia should be less than those released from the EU over the next three decades, Putin said at his annual address to the nation on Wednesday. It wasn’t immediately clear how the target would be achieved in the country where fossil fuel production is the single-biggest source of budget revenue.

“This is a daunting task given the size of our country, its geography, climate and economic structure,” Putin said. “However, I am absolutely sure that such a goal, taking into account our scientific and technological potential, is completely achievable.”

The comments mark a sharp turnaround from Putin’s past rhetoric on climate action, which typically includes mocking statements about renewable energy. Russia’s current commitment under the Paris Agreement implies a small increase in emissions from current levels because it uses the highly-polluting Soviet Union as its baseline.

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Russia currently emits about 1.5 billion tons of CO2 equivalent per year, compared to about 4 billion tons for the EU. The base case under a long-term climate strategy set to be adopted in Russia later in 2021 forecasts emissions of nearly 2 billion tons of CO2 equivalent in 2050, though that could be reduced to 1.62 billion tons under an optimistic scenario. The EU is targeting net zero emissions by mid-century.

Since Putin’s goal refers to the sum of all emissions over the next 30 years, it could be achieved, but “Russia would have to start implementing measures right now,” said Vasily Yablokov, head of Greenpeace Russia’s climate program. “It’s in no way compatible with Russia’s plans to extract fossil fuels from the Arctic.”

In the same speech on Wednesday, Putin ordered progress on the construction of a railroad that will help drive extraction of some of the “richest resources” in the Arctic.

Russia’s parliament approved in its first reading the country’s first ever legislation on carbon regulation on Tuesday. If it becomes law, the bill will make emissions reporting compulsory for large greenhouse gas emitters, though projects to reduce pollution will still be voluntary.

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