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Green Bond Reporting – SNCF Réseau hailed as exemplary

news Published on 11/02/2017 updated on 18/12/2018

On Tuesday 19 October, Patrick Jeantet, Chairman and CEO of SNCF Réseau, welcomed some fifty investors and journalists to Paris in order to present the railway company’s first Green Bond Report. This document was related to SNCF Réseau’s first capital fund raising (€900 million in October 2016).

In parallel, SNCF Réseau yesterday published its first Green Bond Report in addition to its Carbon Impact Evaluation Method for Railway Infrastructure Investments.

The many SRI asset managers in attendance hailed the exhaustive nature and transparency of this information in relation to the use of the raised capital. In addition, asset managers commended the quality of the method used to assess the reduction of greenhouse gas emissions resulting from the projects which had been financed.

These two documents have established a global benchmark in the field.


"While SRI asset managers often complain about the lack of transparency related to the management of funds raised  through the issuance of green bonds, SNCF Réseau openly published its policy in its report and had its approach certified by KPMG"



Last year, out of the €1.72 billion of provisional investment earmarked as "green", €1.48 billion was actually realized, of which €885 million was financed by the green bonds issued in October 2016. From this amount, 80% was used for renovation projects and 20% for the completion of new railway lines.

The most sensitive point was the estimation of greenhouse gas emissions avoided by the entire transport system, thanks to the SNCF Réseau projects which were financed by the Green Bonds.

Regarding the renovation projects (tracks, overhead lines and signalling), the carbon impact was -2.7 million tonnes of CO2 equivalent (tCO2eq), with an average neutrality time of 3.3 years. Carbon impact was -190,000 tCO2eq for the four development projects, with an average neutralisation time of 7.4 years.

As a result, a total of 3 million tonnes of CO2 equivalent have been avoided over the next 40 years.


"We are an engineering company, so we developed a calculation method with the firm Carbone 4"

Patrick Jeantet

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