At SNCF Group, we want to focus on the greenest segments, so to be considered eligible, projects must meet the following criteria:

• high-speed lines lines that entered service from 1981 onward
• standard electrified lines grouped into categories 1-6 of the UIC classification¹
• investments in electrification of non-electrified lines and grouped into categories 1-6 of the UIC classification¹

Rail network renovation keeps infrastructure operating at rated performance levels—and makes rail options attractive to users.

As a result, when we calculate emissions avoidance, we compare the greenhouse gas emissions produced by passenger and freight transport in two cases.

Renovation operations maintain the existing level of service on the section in question, ensuring no interruption in traffic.

Infrastructure is not renovated, gradually deteriorates and is eventually closed. Rail transport users switch to other modes of transport.

We calculate the GHG emissions generated by work to renovate an existing line or build a new one using current carbon assessment methods. The scope of this calculation includes all direct and indirect upstream and downstream emissions, but it does not include operation or ordinary upkeep of the infrastructure.

We compare transport system emissions under two cases: with or without execution of the project.

Our allocation method allows us to maintain two sets of accounts. Projects that receive financing typically involve a single type of equipment on a specific section of line. Furthermore, green bonds can only be used to finance a portion of a project’s expenses—which means not all emissions avoidance resulting from maintaining rail service can be attributed to the infrastructure renovation financed by green bonds. In fact, only the portion that corresponds to the renovation project can be counted for emissions avoidance.