ST. PETERSBURG, June 4. /TASS/. Large-scale infrastructure upgrade projects, including energy infrastructure, requirements market stimulation and authorities will float government-subsidized green bonds for this purpose, Russian President Vladimir Putin said on Friday at the plenary session of the St. Petersburg International Economic Forum.

"Obviously, the launch of such projects requires stimulation using market mechanisms. We start floating green bonds subsidized by the state and developed performance criteria of environmental projects or the so-called ‘green taxonomy,’ as experts say," the Russian leader said.

Russia will continue reducing emissions in hydrocarbons production, upgrade the heat energy sector and electrify gas transport infrastructure, Putin said. Plans comprise further energy efficiency improvement in the housing sector and heat supply systems and conversion of public transport to gas, electricity or hybrid engines. A case in point is the end-to-end technology upgrade of the whole economy and infrastructure, the Russian leader added.

"Russia to keep reducing emissions in hydrocarbons production"

Putin mentioned that "Russia will reduce emissions in hydrocarbons production and continue addressing associated gas utilization".

"Due to the scale, place and role of Russia in the world" environmental and climate projects in the Russian Federation will be playing a leading role in global efforts of conservation of climate for decades ahead, he said. "We will continue reducing emissions in hydrocarbons production and addressing associated gas utilization," the president added.

"We have set a goal to reduce the accumulated volume of net emission of greenhouse gases in Russia to the level lower than in Europe. I am convinced that it is an ambitious, albeit realistic task. And I’m asking the government to draft a detailed plan of action on that matter by October 1 this year. We will discuss the issue at a separate meeting," Putin said.