Carbon Impact of Green Bonds: a reference methodology developed by SNCF Réseau and Carbone 4

24 October 2017
© Shane Cotee –


Download our methodological guide

Carbone 4 supported SNCF Réseau in developing a reference methodology to assess the carbon impact of railway infrastructure investments. The development of this methodology follows SNCF Réseau’s desire to highlight the positive impacts of its Green Bond* program, mainly to finance the sustainable modernisation of its network.

The resulting guide presents several methodological milestones that have been defined and substantiated, as well as the selected approach for applying them to the 2016 funding year. In particular, the methodology makes it possible to assess the carbon footprint of the entire Green Bond program and the emissions avoided by these financings compared to a baseline scenario.

The approach is also born from a concern for transparency towards investors and civil society. The guide thus addresses several audiences:

For investors:

  • encourage issuers to calculate and disclose any avoided emissions of their Green Bonds;
  • encourage issuers to ask themselves key questions during the impact assessment (compatible with a 2°C target?).

For the financial sphere:

  • propose a reference method in the railway infrastructure sector in order to make relevant comparisons of Green Bonds within this sector.

For other network operators:

  • offer a transparent and opposable approach to any emissions avoided;
  • rigorously measure the climate impacts of their Green Bond.

*A Green Bond is a bond issued by a company in the financial market to finance a project or activity with an environmental benefit. Railway transport falls within the category of activities eligible for this type of bond.

Share Button
Share Button