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SNCF Réseau commissioned oekom research to compile a Verification Report for Post-Issuance Certification by the Climate Bond Initiative (CBI) of its Green Bond issued in October 2016. The Climate Bond Certification process includes verifying whether the provisions of the Climate Bond Standard issued by the CBI are met and obtaining evidence to support the verification.
The Green Bond issued SNCF Réseau in October 2016 is part of SNCF’s Green Bond Programme.
Relevant CBI Standards for this Climate Bond Certification:
• Climate Bond Standard (Climate Bond Standard Version 2.1; status 01/2017)
• Low Carbon Land Transport – Eligibility & Guidance Document (Version 1.0; status 02/2016)
SNCF Réseau’s responsibility was to provide information and documentation on:
• Part A: General Requirements
• Part B: Eligible Projects & Assets
• Part C: Requirements for Specific Bond Types
SNCF Réseau’s Responsibility
Criteria
Scope
Verification Report for Post-Issuance Certification of the
Green Bond issued by SNCF Réseau in Oct 2016
page 2
oekom research is managerially and economically independent. Its independence is guaranteed through registered shares with restricted transferability, rigorous codes of conduct for every analyst and the fact that neither consulting services nor asset management services are offered. oekom research can thus guarantee a high degree of credibility and objectivity for its research findings. Regular audits by an independent institution against the European voluntary quality standard for responsible investment ARISTA® attest oekom’s extensive quality standards which are complemented by a comprehensive quality management system.
oekom research reviewed the information and documentation provided by SNCF Réseau to assess the Green Bond’s alignment with the CBI requirements:
• Conformance with Part A, B and C of the CBI Standard
oekom research’s approach to assess whether the issuer meets the criteria of the CBI standard was as follows. The issuer provided an overview over the projects included in the Green Bond asset pool and the relevant processes regarding the proceeds (e.g. use of proceeds, management of proceeds) to oekom research. Further, the issuer needed to fill in a questionnaire that covers all criteria of the Climate Bond Standard 2.1. Additionally, the issuer had to provide background documents that elaborate further on the information mentioned in the questionnaire. With the help of this questionnaire and the background documents, oekom research carried out a desk-based assessment of the CBI criteria. In case any answers were unclear, oekom research contacted the issuer for more details and clarification.
This Verification Report for Post-Issuance Climate Bond Certification including all documentation provided alongside is intended for the use of SNCF Réseau and the Climate Bond Standard Board. The present document may be published by SNCF Réseau, CBI and oekom research. CBI and oekom research agree to publish the report with the consent of SNCF Réseau.
oekom’s Responsibility as a Verifier
Restriction on Distribution and Use of Report
Independence and Quality Control
page 3
Based on the limited assurance procedures conducted on SNCF Réseau’s Green Bond issued in October 2016, oekom research found no evidence for non-conformance with the Climate Bond Standard’s post-issuance requirements.
Robert Haßler, CEO
oekom research AG
Munich, 28 November 2017
Opinion
page 4
Disclaimer
1. oekom research AG uses a scientifically based rating concept to analyse and evaluate the environmental and social performance of companies and countries. In doing so, we adhere to the highest quality standards which are customary in responsibility research worldwide. In addition we create a Second Party Opinion (SPO) on bonds based on data from the issuer.
2. We would, however, point out that we do not warrant that the information presented in this SPO is complete, accurate or up to date. Any liability on the part of oekom research AG in connection with the use of these SPO, the information provided in them and the use thereof shall be excluded. In particular, we point out that the verification of the compliance with the selection criteria is based solely on random samples and documents submitted by the issuer.
3. All statements of opinion and value judgements given by us do not in any way constitute purchase or investment recommendations. In particular, the SPO is no assessment of the economic profitability and credit worthiness of a bond, but refers exclusively to the social and environmental criteria mentioned above.
4. We would point out that this SPO, in particular the images, text and graphics contained therein, and the layout and company logo of oekom research AG are protected under copyright and trademark law. Any use thereof shall require the express prior written consent of oekom research AG. Use shall be deemed to refer in particular to the copying or duplication of the SPO wholly or in part, the distribution of the SPO, either free of charge or against payment, or the exploitation of this SPO in any other conceivable manner.
About oekom research
oekom research is one of the world’s leading rating agencies in the field of sustainable investment. The agency analyses companies and countries with regard to their environmental and social performance. oekom research has extensive experience as a partner to institutional investors and financial service providers, identifying issuers of securities and bonds which are distinguished by their responsible management of social and environmental issues. More than 100 asset managers and asset owners routinely draw on the rating agency’s research in their investment decisionmaking. oekom research’s analyses therefore currently influence the management of assets valued at over 600 billion euros.
As part of our Green Bond Services, we provide support for companies and institutions issuing sustainable bonds, advise them on the selection of categories of projects to be financed and help them to define ambitious criteria. We verify the compliance with the criteria in the selection of projects and draw up an independent second party opinion so that investors are as well informed as possible about the quality of the loan from a sustainability point of view.
Contact: oekom research AG, Goethestraße 28, 80336 Munich, Germany, tel: +49 / (0) 89 / 54 41 84-90, e-mail: [email protected]
page 5
Annex
• Annex 1: Detailed Findings
• Annex 2: SNCF Réseau’s Green Bond Reporting 2016
page 6
4. Nominated Projects and Assets
Requirement Factual Findings
Analysis against Requirements
4.1. Decision-making process to determine the continuing eligibility of nominated projects and assets
SNCF Réseau has defined a set of environmental objectives (i.e. to promote eco-friendly modes of transportation and contribute to the fight against greenhouse gas emissions) and has implemented processes to determine the eligibility of nominated projects.
✓
4.2 Conformance with the Bond’s documented objectives and requirements of Part B of the CBI Standard
SNCF Réseau assesses all nominated projects against its self-defined eligibility criteria, which meet the bond’s objectives. All nominated projects are electrified rail infrastructure projects. Through the financing of these projects it will be possible to avoid emissions of approx. 2.9 million tCO2e over the next 40 years. The nominated projects are therefore compliant with the eligibility criteria under Part B of the Climate Bond Standard.
✓
4.3 No double nomination of projects and assets
By earmarking projects SNCF Réseau has designed a process to ensure that projects are not nominated twice.
✓
Annex 1: Detailed Findings
page 7
5. Use of Proceeds
Requirement Factual Findings Analysis against Requirements
5.1 Allocation of net proceeds to nominated projects and assets.
All proceeds had been allocated to nominated assets by 1st March 2017. ✓
5.2 Allocation of funds within 24 months of issuance of the bond
All proceeds had been allocated to nominated assets by 1st March 2017. ✓
5.3 Share of financing and refinancing.
The net proceeds of the Green Bond were exclusively used to finance newly originated projects of SNCF Réseau.
✓
5.4 Tracking of proceeds SNCF Réseau tracks the proceeds using an internal IT system. Allocation is reviewed annually.
✓
5.5 Net proceeds of the loan and investment to nominated projects and assets
SNCF Réseau has identified eligible projects significantly greater than the net proceeds of the bond. SNCF Réseau reviews allocation annually.
✓
6. Non-contamination of Proceeds
Requirement Factual Findings Analysis against Requirements
6.1 Tracking of proceeds SNCF Réseau confirms that proceeds are tracked using an internal IT system. Allocation is reviewed annually.
✓
page 8
Requirement Factual Findings Analysis against Requirements
6.2 Non-contamination of
proceeds
SNCF Réseau invests temporarily
unallocated proceeds in SRI mutual funds,
bank deposits, cash, and/or cash
equivalents.
SNCF Réseau also states that by 1st March
2017 100% of the proceeds had been
allocated to eligible assets which are
earmarked in the internal IT system.
✓
6.3 Cases of force majeure n/a. All proceeds have been allocated. n/a
7. Confidentiality
Requirement Factual Findings Analysis against Requirements
7.1 Description of the projects All financed assets are electrified rail
infrastructure projects (maintenance,
upgrades and extensions of existing lines
as well as construction of new lines).
Through the financing of these projects it
will be possible to avoid emissions of
approx. 2.9 million tCO2e over the next 40
years.
✓
7.2 Disclosure of information
to the market
Details on SNCF Réseau’s Green Bond are
available in SNCF Réseau’s Green Bond
Reporting 2016, available on a dedicated
section of SNCF Réseau corporate website:
https://www.sncf-reseau.fr/en/sri-green-
bonds.
✓
page 9
8. Reporting
Requirement Factual Findings Analysis against Requirements
8.1 Description of reporting Details on SNCF Réseau’s Green Bond are available in SNCF Réseau’s Green Bond Reporting 2016. The 2016 project report can be found in Annex 2.
The quantitative performance indicators which include the following:
• Aggregated information on financed projects
• Greenhouse gases emitted and avoided
• Resources protected
✓
9. Climate Bond Taxonomy
Requirement Factual Findings Analysis against Requirements
9.1 Matching of Climate Bond category
All assets of the Green Bond are electrified rail infrastructure projects (maintenance, upgrades and extensions of existing lines as well as construction of new lines). Through the financing of these projects it will be possible to avoid emissions of approx. 2.9 million tCO2e over the next 40 years.
✓
page 10
10. Technical Criteria
Requirement Factual Findings Analysis against Requirements
10.1 Sector-specific eligibility criteria
All assets of the Green Bond are electrified rail infrastructure projects (maintenance, upgrades and extensions of existing lines as well as construction of new lines). Through the financing of these projects it will be possible to avoid emissions of approx. 2.9 million tCO2e over the next 40 years.
✓
10.2 Bonds covering several sector-specific criteria
n/a (low carbon rail transportation only) n/a
11. Project Holding
Requirement Factual Findings Analysis against Requirements
11.1 Holding of assets with a fair market value at least of the original amount at time of issuance
SNCF Réseau is financing own projects, which will be on their books for the long-run. The pool of underlying projects will remain the same over the term of the loan.
✓
12. Settlement Period
Requirement Factual Findings Analysis against Requirements
12.1 Description of the process and timeline of distribution of proceeds
cf. 5.1 ✓
page 11
Requirement Factual Findings Analysis against Requirements
12.2 Description of process regarding unallocated proceeds after 24 months
n/a (cf. 5.1) n/a
13. Earmarking
Requirement Factual Findings Analysis against Requirements
13.1 Description of internal earmarking process
Every project that is being financed through the Green Bond is earmarked in SNCF Réseau’s internal IT system. This system is managed by the Treasury and the Accounting Departments.
✓
page 12
Annex 2: SNCF Réseau’s Green Bond Reporting 2016
RE
PO
RT
2016
GR
EE
N
BO
ND
S
SNCF-RESEAU.FR
ED
ITO
RIA
L
Dea
r inv
esto
rs a
nd p
artn
ers,
With
this
Gre
en B
onds
pro
gram
me,
SN
CF
Rése
au is
see
king
to d
emon
stra
te it
s co
mm
itmen
t
to e
colo
gica
l tra
nsiti
on o
n a
daily
bas
is.
The
inte
rest
of t
his
prog
ram
me,
for a
com
pany
suc
h as
our
s, w
hose
act
ivity
is n
atur
ally
at
the
hear
tof t
he fi
ght a
gain
st c
limat
e ch
ange
, can
be
conv
eyed
in a
few
ess
entia
l mes
sage
s:–
enco
urag
ing
mod
es o
f tra
nsp
ort
that
are
eco
-frie
ndly
, saf
e, fa
st, a
nd w
ith lo
w re
quire
men
ts
in te
rms
of s
pace
and
nat
ural
reso
urce
s;–
cont
ribut
ing
to th
e se
lect
ion
of p
roje
cts
that
hel
p in
the
fig
ht a
gai
nst
gre
enho
use
gas
em
issi
ons,
th
e pr
eser
vatio
n of
nat
ural
reso
urce
s an
d th
e pr
otec
tion
of b
iodi
vers
ity;
– p
artic
ipat
ing
in t
he d
evel
opm
ent
of s
ocia
lly r
esp
onsi
ble
fina
ncin
g a
nd s
uppo
rtin
g th
e ef
fort
in
itiat
ed b
y th
e Fr
ench
aut
horit
ies
as p
art o
f CO
P21
.
Our
com
mitm
ent a
t the
tim
e th
is pr
ogra
mm
e w
as la
unch
ed in
aut
umn
2016
was
to b
ecom
e a
lead
ing
pl
ayer
in th
e G
reen
Bon
d m
arke
t. In
less
than
12
mon
ths,
SN
CF
Rése
au h
as la
unch
ed th
ree
Gre
en B
onds
iss
ues
(mat
urity
per
iods
of 1
5, 1
7 an
d 30
year
s) fo
r a to
tal a
mou
nt o
f 2.6
5bi
llion
euro
s, th
us b
ecom
ing
on
e of
the
wor
ld’s
top
fifte
en p
laye
rs in
thi
s do
mai
n, a
nd h
as re
ceiv
ed a
Clim
ate
Bond
Aw
ard.
We
mad
e a
com
mitm
ent t
o se
t ne
w h
igh-
leve
l sta
ndar
ds
for t
rans
port
and
railw
ay in
dust
ry
infr
astr
uctu
res
in p
artic
ular
: with
the
help
of C
arbo
ne4,
SN
CF
Rése
au h
as e
stab
lishe
d a
new
met
hod
fo
r ass
essi
ng th
e en
viro
nmen
tal i
mpa
ct o
f its
reno
vatio
n an
d de
velo
pmen
t pro
ject
s w
hich
was
use
d
in th
e dr
aftin
g of
this
repo
rt. A
sum
mar
y of
this
met
hodo
logy
can
be
foun
d on
pag
e 33
of t
his
repo
rt.
We
wer
e co
mm
itted
to a
dopt
ing
the
bes
t ce
rtifi
catio
n st
and
ard
s: th
e SN
CF
Rése
au G
reen
Bon
ds
prog
ram
me
is o
ne o
f the
few
pro
gram
mes
wor
ldw
ide
to h
ave
rece
ived
dou
ble
cert
ifica
tion:
G
reen
Bon
d Pr
inci
ples
and
Clim
ate
Bon
ds In
itiat
ive,
aw
arde
d by
Oek
om R
esea
rch.
Last
ly, w
e w
ante
d to
pro
duce
a re
port
bas
ed o
n th
e b
est
pra
ctic
es in
this
fiel
d:–
the
allo
catio
n of
fund
s ra
ised
as
part
of o
ur G
reen
Bon
ds is
sues
has
bee
n ve
rifie
d an
d in
clud
ed
in a
n as
sura
nce
repo
rt b
y th
e fir
m K
PMG
;–
the
asse
ssm
ent o
f the
env
ironm
enta
l im
pact
of e
ligib
le p
roje
cts,
as
defin
ed in
the
SNC
F Ré
seau
pr
ogra
mm
e, h
as b
een
valid
ated
by
a co
nsul
ting
firm
spe
cial
isin
g in
the
ener
gy tr
ansi
tion
and
clim
ate
chan
ge a
dapt
atio
n, C
arbo
ne4.
As
rega
rds
the
envi
ronm
enta
l im
pact
, one
sta
tistic
in p
artic
ular
sho
uld
be h
ighl
ight
ed: t
he fu
nds
ra
ised
than
ks to
the
SNC
F Ré
seau
Gre
en B
ond
2016
hav
e m
ade
it po
ssib
le to
avo
id e
mis
sion
of
2.9
mill
ion
tons
eq
uiva
lent
of C
O2
over
the
fort
y ne
xt y
ears
, i.e
. an
impa
ct c
ompa
rabl
e
to th
e ca
rbon
foot
prin
t of a
ppro
xim
atel
y 6,
000
Fren
ch re
side
nts
over
the
sam
e pe
riod.
We
hope
that
you
will
take
as
muc
h pl
easu
re in
read
ing
this
repo
rt a
s w
e di
d in
pre
parin
g
and
emba
rkin
g up
on th
is G
reen
Bon
d ad
vent
ure,
with
all
the
SNC
F Ré
seau
bus
ines
s lin
es,
over
the
past
two
year
s.
We
are
prou
d to
be
wor
king
alo
ngsi
de y
ou in
cre
atin
g th
e co
nditi
ons
for t
he r
esp
onsi
ble
m
oder
nisa
tion
of o
ur n
etw
ork.
PATR
ICK
JE
AN
TET,
DE
PU
TY C
HA
IRM
AN
OF
THE
SN
CF
EX
EC
UTI
VE
BO
AR
DA
ND
CE
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F SN
CF
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SEA
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CF
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MA
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ENEF
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HT
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RS
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TIO
N
OF
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RR
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ND
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TIO
N
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SEA
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LE
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ATI
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N
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PORT
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EE
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ON
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OG
RA
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E IN
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ATO
RS
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OF
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EN B
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D
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SIT
ES
P.3
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AL
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ATE
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P.3
5_C
ateg
ory
1. In
vest
men
ts
in m
aint
enan
ce, m
oder
nisa
tion
an
d e
nerg
y ef
ficie
ncy
pro
ject
s
conc
erni
ng th
e ra
il sy
stem
P.3
9_C
ateg
ory
2. In
vest
men
ts
rela
ted
to n
ew ra
il lin
es
and
rail
line
exte
nsio
ns
06/
ON
E S
TE
P F
UR
TH
ER
TA
BLE
OF
CO
NTE
NTS
04
SN
CF
RÉ
SE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 2
01
60
5
01
INTR
OD
UC
TIO
NT
O S
NC
F R
ÉS
EA
U
SNC
F R
ÉSE
AU
A
ND
TH
E F
RE
NC
H
RA
ILW
AY
NE
TWO
RK
Cre
ated
in J
anua
ry 2
015
thro
ugh
th
e m
erg
er o
f th
e R
ésau
fer
ré
de
Fran
ce(R
FF),
SNC
F In
fra
an
d t
he D
irect
ion
de
la c
ircul
atio
n fe
rro
viai
re(D
CF)
, SN
CF
Rés
eau
ow
ns a
nd m
anag
es t
he F
renc
h
natio
nal r
ail n
etw
ork.
SN
CF R
ése
au’s
main
resp
onsi
bili
ties:
– en
surin
g fa
ir ac
cess
to
the
rail
ne
twor
k fo
r 26
rai
l tra
nsp
ort
com
pan
ies
an
d 1
2 re
gio
nal t
rans
por
t au
thor
ities
;
A C
RE
DIT
RIS
K
EQ
UIV
ALE
NT
TO T
HA
T
OF
THE
FR
EN
CH
STA
TE
As
a 10
0% S
tate
-ow
ned
pub
lic e
ntity
, SN
CF
Rés
eau
ben
efits
from
the
str
ong
su
pp
ort
of t
he F
renc
h St
ate
bas
edon
its
leg
al s
tatu
s (E
PIC
).
As
an E
PIC
, SN
CF R
ése
au:
– is
not
sub
ject
to
priv
ate-
sect
or
ban
krup
tcy
law
;–
may
onl
y b
e d
isso
lved
by
an
am
end
ing
law
tra
nsfe
rrin
g
its r
ight
s an
d o
blig
atio
ns
to a
noth
er p
ublic
ent
ity.
SN
CF R
ése
au:
– p
erfo
rms
a p
ublic
sec
tor
mis
sion
an
d e
njoy
s a
natu
ral m
onop
oly
p
ositi
on w
ith n
o ris
k of
der
egul
atio
n;–
was
incl
uded
in t
he “
Gov
ernm
ent
Rel
ated
Ent
ity”
list
by
the
Euro
pea
n co
mm
issi
on in
200
2 an
d is
elig
ible
to
the
EC
B P
ublic
Sec
tor
Purc
hasi
ng
Prog
ram
me.
SNC
F R
ésea
u d
ebt
is s
een
by
cred
it ra
ting
ag
enci
es a
s im
plic
itly
g
uara
nte
ed
by
the F
rench
Sta
te.
TUR
NO
VE
R P
ER
BU
SIN
ESS
LI
NE
IN 2
016
TRA
FFIC
IN 2
016
–or
gan
isin
g a
nd d
evel
opin
g r
ail t
raff
ic:
15,0
00tr
ains
circ
ulat
e d
aily
, tra
nsp
ortin
g
mor
e th
an 5
mill
ion
pas
seng
ers
per
day
;–
ensu
ring
the
mai
nten
ance
and
en
hanc
emen
t of
the
net
wor
k,
SNC
FR
ésea
u is
one
of t
he le
adin
g
inve
stor
s in
Fra
nce
with
3.4
bill
ion
euro
s in
vest
ed in
201
6;–
ensu
ring
the
dev
elop
men
t
of t
he n
etw
ork.
With
its
54,0
00em
plo
yees
, SN
CF
Rés
eau
has
gene
rate
d a
turn
over
of 6
.4bi
llion
euro
s w
ith a
n op
erat
ing
mar
gin
(EB
ITD
A-
earn
ing
s b
efo
re in
tere
st, t
ax,
dep
reci
atio
n an
d a
mo
rtis
atio
n)
of
1.9
bill
ion
euro
s an
d a
net
res
ult
o
f -
0.1
bill
ion
euro
s in
201
6.
TE
R
38%
Hig
h-s
peed
tra
ins
35%
Inte
rcit
y tr
ains
13%
6.4
4
BIL
LIO
N
EU
RO
S
Tran
silie
n
14%
Fre
ight
3%
Reg
ional
tr
ains
(TE
R a
nd
Tr
ansi
lien)
50%
Hig
h-s
peed
tr
ains
28%
Inte
rcit
y tr
ains
13%
Fre
ight
15%
471
MIL
LIO
N
OF
TR
AIN
S-
KIL
OM
ET
ER
RA
TIN
G
AG
EN
CIE
SLO
NG
TE
RM
SH
OR
T
TE
RM
Fitc
hA
A
F1+
Mo
od
y’s
Aa2
P-1
Stan
dar
d &
P
oo
r’s
AA
A
-1+
06
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
07
As
the
mo
st
eco
-fri
en
dly
mo
de
o
f tr
ansp
ort
, rai
lway
tr
ansp
ort
has
a
crit
ical
ro
le t
o p
lay
in
th
e t
ran
siti
on
to
a lo
w c
arb
on
e
con
om
y.
02 EC
OLO
GIC
AL
TR
AN
SIT
ION
AN
D R
AIL
IN
FRA
STR
UC
TU
RE
08
SN
CF
RÉ
SE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 2
01
60
9
RED
UC
ING
G
HG
EM
ISSI
ON
S
FOU
RFO
LD
BY
2050
Vario
us s
cena
rios
of t
he p
rog
ress
ion
of
gre
enho
use
gas
em
issi
ons
(GH
G)
and
the
ir co
nseq
uenc
es o
n th
e av
erag
e g
lob
al t
emp
erat
ure
are
bei
ng s
tud
ied
b
y th
e IP
CC
1 . Th
ey h
ave
pre
dic
ted
a
rise
in t
he t
emp
erat
ure
on a
glo
bal
sc
ale
of
bet
wee
n 1.
8 an
d 4
°C
on
aver
age
by
2100
, co
mp
ared
to
the
end
of
the
19th c
entu
ry.
The o
bje
ctiv
e s
et
by
deci
sio
n-m
akers
at
glo
bal le
vel and
reaff
irm
ed
in
the P
ari
s A
gre
em
ent,
resu
ltin
g
fro
m t
he 2
1st C
onfe
rence
of
the
Part
ies
(CO
P2
1)
in D
ece
mb
er
20
15
,
TH
E O
BJE
CTIV
ES
OF
TH
E E
CO
LO
GIC
AL
TR
AN
SIT
ION
AT E
UR
OP
EA
N L
EV
EL
The E
uro
pean U
nio
n h
as m
ade
a
stro
ng c
om
mit
men
t to
the
fig
ht
agai
nst
clim
ate
chan
ge
by
anti
cip
atin
g
the
“po
st-K
yoto
” p
erio
d t
hro
ugh
th
e C
limate
and
Energ
y P
ack
ag
e,
adop
ted
in 2
008,
whi
ch s
ets
the
obje
ctiv
e of
“3
x20
” (2
0% G
HG
em
issi
ons
save
d,
20%
mor
e re
new
able
ene
rgy,
20%
mor
e en
erg
y ef
ficie
ncy)
.D
urin
g 2
014,
Eur
opea
n d
iscu
ssio
ns
focu
sed
on
the
def
initi
on o
f a n
ew
C
limate
and
Energ
y P
ack
ag
e
for
20
30
. Th
is c
onst
itute
d t
he
bas
is fo
r th
e Eu
rop
ean
com
mitm
ent
to
the
glo
bal
ag
reem
ent
reac
hed
in
Par
is d
urin
g C
OP
21.
AT N
ATIO
NA
L LE
VE
L
In o
rder
to
stre
ngth
en t
he C
limate
Pla
n
by
inco
rpor
atin
g lo
ng-t
erm
nat
iona
l m
easu
res,
Fra
nce
has
und
erta
ken
a
maj
or c
omm
itmen
t to
red
ucin
g
its G
HG
em
issi
ons
four
fold
by
2050
: th
e “F
acto
r4”
ob
ject
ive.
The
goa
l is
to
achi
eve
a le
vel o
f ap
pro
xim
atel
y 2
tCO
2eq
3 per
inha
bita
nt, w
hich
co
rres
pon
ds
to t
he r
ecom
men
ded
leve
l for
lim
iting
glo
bal
war
min
g t
o 2°
C.
Last
ly, t
he L
aw
on E
nerg
y Tr
ansi
tio
n
for
Gre
en G
row
th (
LTE
CV
),
pub
lishe
d in
the
Jo
urn
al O
ffic
iel
dat
ed 1
8A
ugus
t20
15, a
s w
ell a
s it
s ac
com
pan
ying
act
ion
pla
ns, a
re d
esig
ned
to
hel
p F
ranc
e co
ntrib
ute
mor
e ef
fect
ivel
y to
the
fig
ht a
gai
nst
clim
ate
chan
ge
an
d t
he p
rote
ctio
n of
the
env
ironm
ent,
an
d t
o im
pro
ve it
s en
erg
y in
dep
end
ence
w
hile
off
erin
g it
s co
mp
anie
s an
d c
itize
ns
acce
ss t
o en
erg
y at
com
pet
itive
cos
ts.
The t
arg
ets
set
by
the law
To p
rovi
de
a fr
amew
ork
for
the
join
t ac
tion
of c
itize
ns, c
omp
anie
s,
terr
itorie
s an
d t
he S
tate
, the
law
has
se
t m
ediu
m-
and
long
-ter
m t
arg
ets:
–
red
ucin
g g
reen
hous
e g
as e
mis
sion
s
by
40%
bet
wee
n 19
90 a
nd 2
030,
an
d b
y 75
% b
etw
een
1990
and
205
0 (F
acto
r 4)
;–
red
ucin
g fi
nal e
nerg
y co
nsum
ptio
n
by
50%
in 2
050
com
par
ed t
o 20
12,
with
an
inte
rmed
iate
tar
get
of 2
0%
in 2
030;
– re
duc
ing
prim
ary
ener
gy
cons
ump
tion
of fo
ssil
fuel
s b
y 30
% in
203
0 co
mp
ared
to
201
2;–
brin
gin
g t
he s
hare
of r
enew
able
en
erg
ies
to 2
3% o
f gro
ss fi
nal e
nerg
y co
nsum
ptio
n in
202
0, a
nd t
o 32
%
in 2
030;
– b
ring
ing
the
sha
re o
f nuc
lear
ene
rgy
in
ele
ctric
ity g
ener
atio
n to
50%
by
2025
.
is t
o lim
it t
he t
em
pera
ture
incr
ease
to
2°C
betw
een n
ow
and
21
00
.
To d
o s
o, w
e m
ust
red
uce
glo
bal
G
HG
em
issi
ons
tw
ofo
ld b
y 20
50
com
par
ed t
o 1
990
leve
ls in
ord
er
to a
chie
ve t
he m
ost
op
timis
tic
scen
ario
s an
d li
mit
the
cons
eque
nces
of
clim
ate
chan
ge.
The S
NC
F R
ése
au e
nerg
y and
ca
rbo
n p
erf
orm
ance
ap
pro
ach
is
part
of
a g
lob
al fr
am
ew
ork
to
red
uce
GH
G e
mis
sio
ns
at
wo
rld
, E
uro
pean a
nd
nati
onal le
vels
, su
mm
ari
sed
in t
he t
ab
le b
elo
w.
1. T
he
Inte
rgo
vern
me
nta
l Pan
el o
n C
limat
e C
han
ge
(IP
CC
) is
an in
terg
ove
rnm
en
tal o
rgan
isat
ion
ass
ign
ed
“t
o a
sse
ss o
n a
co
mp
reh
en
sive
, ob
ject
ive
, op
en
an
d t
ran
spar
en
t b
asis
th
e s
cie
nti
fic, t
ech
nic
al a
nd
so
cio
-eco
no
mic
in
form
atio
n r
ele
van
t to
un
de
rsta
nd
ing
th
e s
cie
nti
fic b
asis
of r
isk
of h
um
an-i
nd
uce
d c
limat
e c
han
ge
, its
po
ten
tial
im
pac
ts a
nd
op
tio
ns
for
adap
tati
on
an
d m
itig
atio
n.”
2. P
OP
E la
w (E
ne
rgy
Po
licy
Ori
en
tati
on
Pro
gra
mm
e).
3. T
on
s e
qu
ival
en
t C
O2.
GLO
BA
LE
UR
OP
EFR
AN
CE
Kyo
to P
roto
col
20
20
Clim
ate
and
E
nerg
y P
ack
ag
e2
030
Clim
ate
and
E
nerg
y P
ack
ag
eFact
or
4(-
3%
per
year)
Red
uci
ng
GH
G b
y 5.2
% b
etw
een 2
008-
2012.
Red
uci
ng
GH
G
by
20%
by
20
20
. T
hro
ug
h a
co
mb
inat
ion
of re
new
able
energ
y (2
0%
) an
d g
reat
er
energ
y effic
iency
(2
0%
).
Red
uci
ng
GH
G
by
40
% b
y 2
03
0.
Thro
ug
h a
co
mb
inat
ion
of re
new
able
energ
y (2
7%
) and
gre
ater
energ
y effic
iency
(2
7%
).
Red
uci
ng
G
HG
em
issi
ons
fo
urf
old
b
y 2050
(PO
PE
2 la
w2).
GH
G E
MIS
SIO
NS R
ED
UC
TIO
N T
AR
GE
TS (
VS 1
990)
10
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
11
TH
E “
CLIM
ATE
”
BE
NE
FIT
S O
F R
AIL
IN
TH
E F
IGH
T A
GA
INST
CLIM
ATE
CH
AN
GE
In F
rance
, ra
il tr
ansp
ort
,
whic
h a
cco
unts
fo
r 1
0%
of
traff
ic
GH
G E
MIS
SIO
NS P
ER
MO
DE
OF T
RA
NSP
OR
T
Gra
ms
equi
vale
nt C
O2
per
pas
seng
er-k
m
Pass
eng
ers
TG
V, L
YR
IA, I
DT
GV,
OU
IGO
TR
AN
SILI
EN
INT
ER
CIT
IES
EU
RO
STA
R, T
HA
LYS,
ALL
EO
, ELI
PSO
S, G
ALA
TE
RLO
NG
DIS
TAN
CE
BU
S (O
UIB
US)
CA
RP
OO
LIN
GC
AR
S, L
ON
G D
ISTA
NC
E T
RA
VE
LC
AR
S, L
ON
G D
ISTA
NC
E/S
UB
UR
BA
N T
RA
VE
LP
LAN
E (D
OM
EST
IC F
LIG
HT
S)R
EG
ION
AL
OR
DE
PAR
TM
EN
TAL
BU
SSI
NG
LE P
ASS
EN
GE
R V
EH
ICLE
020
3 611
8 to
27
30
90
44
148
74
168
171
207
4060
8010
012
014
016
018
020
022
0
Gra
ms
equi
vale
nt C
O2
per
to
nne-
km
Fre
ight
RA
ILM
AR
ITIM
EC
OM
BIN
ED
RIV
ER
TR
UC
KA
IR
020
4060
8010
012
014
016
018
020
022
0
7
21
77
17
34
552
BR
EA
KD
OW
N P
ER
SO
UR
CE
OF
GH
G E
MIS
SIO
NS
(EX
CLU
DIN
G L
ULU
CF
1)
IN F
RA
NC
E I
N 2
01
4
EN
ER
GY
IND
UST
RY:
8.6
%
TR
AN
SPO
RT:
28.
5%
MA
NU
FAC
TU
RIN
G A
ND
C
ON
STR
UC
TIO
N IN
DU
STR
Y: 1
3.1%
TE
RT
IAR
Y/R
ESI
DE
NT
IAL:
15.
8%
OT
HE
RS:
3.8
%
Ag
ricu
ltur
e:
17.2
5%
Ind
ustr
ial
pro
ced
ures
and
so
lven
ts: 8
.75%
Was
te m
ater
ial:
4.3%
Ene
rgy
co
nsum
pti
on:
69
.7%
So
urc
e: C
ite
pa,
Ju
ne
201
6
GH
G E
MIS
SIO
NS P
ER
MO
DE
S O
F T
RA
NSP
OR
T
IN F
RA
NC
E A
S A
% (
INC
LU
DIN
G F
OD
)
AIR
: 3.5
%
RIV
ER
AN
D M
AR
ITIM
E: 1
%
RA
IL: 0
.4%
OT
HE
RS:
0.4
%
Hea
vy
go
od
s ve
hicl
es:
21.3
%
Pri
vate
veh
icle
s:
53.2
%
Uti
lity
ve
hicl
es:
19.1
%
Two
whe
eler
s: 1
.2%
Off
-ro
ad
vehi
cles
: 5.
3%
So
urc
es:
-
Pas
sen
ge
rs: m
eth
od
olo
gy
no
te o
n C
O2
info
rmat
ion
fo
r tr
ansp
ort
se
rvic
es
(2
016,
sta
tist
ics
ob
tain
ed
fr
om
SN
CF,
ME
DD
E, A
DE
ME
).-
Fre
igh
t: S
NC
F C
arg
o (2
014)
, S
NC
F L
og
isti
cs (2
011)
, AD
EM
E.
Thus
, any
mod
al s
hift
from
air
an
d r
oad
to
rail
is g
reat
ly b
enef
icia
l to
the
GH
G e
mis
sion
s b
alan
ce
shee
t, g
iven
tha
t tr
ansp
ort
in
Fra
nce
acc
ounts
fo
r 3
0%
o
f to
tal G
HG
em
issi
ons
o
f Fra
nce
(i.e.
13
3M
tCO
2eq
).
Mor
eove
r, th
e ad
vant
ages
of r
ail
tran
spor
t ar
e no
t lim
ited
to
low
leve
ls
of C
O2 e
mis
sion
s. T
here
are
oth
er
ben
efits
suc
h as
low
er a
ir p
ollu
tion,
fe
wer
acc
iden
ts, o
ptim
ised
use
of
sp
ace,
less
noi
se a
nd a
low
er
neg
ativ
e b
iod
iver
sity
imp
act.
(fre
ight
and
pass
eng
ers
), e
mit
s
less
than 1
% o
f all
GH
G e
mis
sio
ns
fr
om
tra
nsp
ort
. Th
is c
an b
e ex
pla
ined
by:
– th
e lo
w a
mou
nt o
f ene
rgy
need
ed
for
rail
trac
tion
(whe
el-r
ail c
onta
ct
vs t
yre-
road
);–
mas
s-tr
ansp
ort;
– th
e hi
gh
use
of e
lect
ricity
(7
8% o
f tra
ins
use
elec
tric
tra
ctio
n),
only
4%
of w
hich
is g
ener
ated
b
y fo
ssil
fuel
s in
Fra
nce.
1. L
ULU
CF
: Lan
d u
se, L
and
Use
Ch
ang
e a
nd
Fo
rest
ry.
12
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
13
THE
SN
CF
RÉ
SEA
U
CA
RB
ON
AP
PR
OA
CH
Alth
oug
h ra
il tr
ansp
ort
is a
key
co
ntrib
utor
to
Fran
ce’s
low
car
bon
tr
ansi
tion,
SN
CF
Rés
eau
none
thel
ess
strik
e fo
r g
reat
er e
nerg
y ef
ficie
ncy
an
d r
educ
ing
it’s
ow
n G
HG
em
issi
ons.
SN
CF R
ése
au h
as
thus
mad
e
a c
om
mit
ment
to r
ed
uce
its
energ
y co
nsu
mp
tio
n a
nd
its
GH
G e
mis
sio
ns
b
y 2
0%
betw
een 2
01
5 a
nd
20
25
.
To a
chie
ve t
his,
act
ions
hav
e b
een
iden
tifie
d a
nd in
itiat
ed.
– Fo
r al
l our
act
iviti
es:
tert
iary
, op
erat
iona
l act
iviti
es, p
roje
cts
(rel
ated
to
the
Gre
en B
ond
s p
rog
ram
me)
;–
For
the
prim
ary
sour
ces
of
GH
G e
mis
sion
s: e
nerg
y re
qui
red
fo
r co
nstr
uctio
n, s
ervi
ce v
ehic
les,
tr
ain
eng
ines
, mat
eria
ls u
sed
, etc
.
Kno
win
g t
he c
arb
on w
eig
ht
of S
NC
FR
ésea
u ac
tiviti
es is
the
sta
rtin
g
poi
nt fo
r ac
tions
for
imp
rove
men
t
and
com
mitm
ent
as p
art
of a
sus
tain
able
d
evel
opm
ent
app
roac
h. It
hel
ps
iden
tify
prio
ritie
s fo
r op
timis
atio
n an
d im
pro
ves
ou
r op
erat
iona
l met
hod
s.In
ord
er t
o in
dus
tria
lise
the
app
roac
h,
SNC
F R
ésea
u is
cur
rent
ly p
rep
arin
g
an o
per
atio
nal t
ool t
o ca
lcul
ate
an
d r
epor
t th
e G
HG
em
issi
ons
of t
he c
omp
any’
s m
ain
activ
ity,
i.e. m
aint
enan
ce a
nd m
oder
nisa
tion
of
the
nat
iona
l rai
l net
wor
k.
Sinc
e 20
15, S
NC
F R
ésea
u ha
s p
rod
uced
a
first
Bilan C
arb
one
® (C
arb
on B
alan
ce
shee
t) fo
r tr
ack
rene
wal
pro
ject
s us
ing
a
mob
ile w
orks
hop
kno
wn
as a
“Su
ite
Rap
ide”
(90
km b
etw
een
Nar
bon
ne a
nd
Mon
tpel
lier)
, id
entif
ied
act
ions
to
red
uce
GH
G e
mis
sion
s an
d c
reat
ed a
too
l to
ass
ess
the
emis
sion
s of
sim
ilar
pro
ject
s.
Oth
er B
ilans C
arb
one
® (C
arb
on B
alan
ce
shee
ts) w
ill b
e p
rod
uced
for
othe
r ty
pes
of
pro
ject
s to
con
solid
ate
our
know
led
ge
as p
art
of a
con
tinuo
us im
pro
vem
ent
app
roac
h.
SNC
F R
ÉSE
AU
’S
CSR
PO
LIC
Y
This
car
bon
ap
pro
ach
is p
art
of
a g
lob
al C
SR p
olic
y fo
r th
e su
stai
nab
le
mod
erni
satio
n of
the
net
wor
k, d
efin
ed
and
imp
lem
ente
d b
y SN
CF
Rés
eau
ov
er t
he p
ast
few
yea
rs.
The
Fren
ch r
ailw
ay n
etw
ork
mus
t tr
ansf
orm
itse
lf to
kee
p pa
ce w
ith
a co
nsta
ntly
cha
ngin
g w
orld
. SN
CF
Rése
au
has
thus
ado
pted
a c
orpo
rate
str
ateg
y w
ith t
hree
maj
or c
omm
itmen
ts1 :
– ac
cele
ratin
g th
e re
new
al o
f the
net
wor
k;
Leve
l of
safe
ty
Terr
ito
rial
invo
lvem
ent
Soci
al p
erfo
rman
ce
Eco
log
ical
fo
otp
rint
FOU
R M
AIN
PR
IOR
ITIE
S1 FO
RM
TH
E B
ASI
S
OF
THE
CO
MPA
NY
’S C
SR P
OLI
CY
1. D
eta
ils c
an b
e f
ou
nd
in t
he
“20
16 r
esp
on
sib
le a
ctiv
ity
rep
ort
”. 2
.On
line
su
rve
y ca
rrie
d o
ut
b
y S
NC
F R
ése
au b
etw
ee
n J
un
e a
nd
No
vem
be
r 20
16 w
ith
a r
ep
rese
nta
tive
sam
ple
of
all o
f it
s st
ake
ho
lde
rs.
– sh
iftin
g fr
om a
19th
cen
tury
ind
ustr
y m
odel
to
a 21
stce
ntur
y in
dus
try
mod
el;
– su
cces
sful
ly o
pen
ing
up
inte
rnal
p
asse
nger
tra
nsp
ort
to c
omp
etiti
on
and
ens
urin
g t
hat
the
cust
omer
is
at
the
core
of o
ur s
ervi
ce o
ffer
.
This
CSR
pol
icy
was
cre
ated
in
col
labo
ratio
n w
ith a
ll of
the
com
pany
’s
inte
rnal
sta
keho
lder
s, in
acc
orda
nce
w
ith t
he s
usta
inab
le d
evel
opm
ent
polic
y of
the
SN
CF
Gro
up, s
o as
to
sup
por
t th
e b
usin
ess
pro
ject
and
pro
vid
e be
tter
tr
ansp
aren
cy o
f our
act
iviti
es fo
r al
l ou
r st
akeh
olde
rs. S
NC
F Ré
seau
is t
hus
crea
ting
the
cond
ition
s fo
r th
e re
spon
sibl
e m
oder
nisa
tion
of t
he F
renc
h ra
il ne
twor
k.
Thes
e m
ain
prio
ritie
s ar
e b
roke
n d
own,
th
roug
hout
the
com
pan
y, in
to s
ixte
en
com
mitm
ents
1 , th
e im
por
tanc
e of
whi
ch
was
con
firm
ed b
y a
surv
ey c
arrie
d o
ut
amon
g o
ver
1,50
0p
eop
le2 (
emp
loye
es,
cust
omer
s, s
upp
liers
, reg
iona
l and
d
epar
tmen
tal b
oard
off
icia
ls, a
ssoc
iatio
ns,
com
mun
ities
aff
ecte
d b
y th
e ra
il ne
twor
k,
etc.
). W
ithin
prio
rity
no. 2
–
“red
ucin
g o
ur e
colo
gic
al fo
otp
rint
and
con
solid
atin
g o
ur e
nviro
nmen
tal
asse
ts”
–, c
om
mit
ment
no
. 7
is
d
irect
ly c
onnect
ed
to
the G
reen
Bo
nd
s p
rog
ram
me s
ince
it
consi
sts
of
“red
uci
ng
our
gre
enho
use
gas
em
issi
ons
and
im
pro
ving
energ
y eff
icie
ncy
”.
14
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
15
RA
TIN
G A
GE
NC
IES
RA
TIN
GP
OSIT
ION
OF S
NC
F R
ÉSE
AU
Vig
eo64
/100
2nd
fro
m a
pan
el o
f 38
Eur
op
ean
com
pan
ies
in
the
log
isti
cs/t
rans
po
rt s
ecto
r.
Oek
om
R
esea
rch
C+
5th f
rom
a p
anel
of
45 G
lob
al c
om
pan
ies
in
the
tra
nsp
ort
infr
astr
uctu
re m
anag
emen
t se
cto
r.
SNC
F R
ÉSE
AU
E
XTR
A-F
INA
NC
IAL
R
ATI
NG
S
Ref
lect
ing
thi
s p
olic
y an
d C
SR s
trat
egy,
SN
CF
Rés
eau
is m
onito
red
by
two
The
ratin
g o
bta
ined
from
Vig
eo
for
the
envi
ronm
enta
l asp
ect
(77/
100)
is a
ccom
pan
ied
by
the
follo
win
g c
omm
ent:
”SN
CF R
ése
au a
bso
lute
perf
orm
ance
in
the
Envi
ronm
ent
do
mai
n
is a
dva
nce
d, w
hic
h is
an in
creas
e
com
par
ed
to
the p
revi
ous
revi
ew
.-
Th
is im
pro
vem
en
t is
mai
nly
du
e
to t
he
Co
mp
any’
s h
igh
ly r
ele
van
t co
mm
itm
en
t to
en
viro
nm
en
tal
issu
es,
sup
po
rted
by
com
pre
hensi
ve
reso
urc
es
to e
nvi
ronm
enta
l
man
agem
ent
that
co
vers
al
l of
SN
CF R
ése
au’s
pro
duct
ion s
ites.
C
once
rnin
g it
s energ
y use
th
e c
om
pan
y has
set
quan
tifie
d t
arg
et
an
d c
om
pre
hensi
ve m
eas
ure
s,
such
as
fleet
and
build
ing
op
tim
isat
ion.
In a
dd
itio
n, th
e C
om
pan
y ap
pear
s
to h
ave d
eve
lop
ed
meas
ure
s
to p
reve
nti
ng
loca
l po
lluti
on.”
The
late
st r
atin
gs
rep
orts
fr
om t
hese
tw
o ag
enci
es a
re a
vaila
ble
on
the
SN
CF
Rés
eau
web
site
.
extr
a-fin
anci
al r
atin
g a
gen
cies
, V
igeo
and
Oek
om R
esea
rch,
w
hich
hav
e aw
ard
ed it
the
rat
ing
s
giv
en in
the
tab
le b
elow
.
16
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
17
In O
cto
be
r 20
16,
SN
CF
Ré
seau
b
eca
me
th
e f
irst
ra
ilway
infr
astr
uct
ure
m
anag
em
en
t o
pe
rato
r in
th
e w
orl
d
and
th
e f
irst
tra
nsp
ort
co
mp
any
in E
uro
pe
to
issu
e a
Gre
en
Bo
nd
.
03 SN
CF R
ÉSE
AU
’S
“GR
EE
N
BO
ND
S
FU
ND
ING
”
18
SN
CF
RÉ
SE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 2
01
61
9
A “
CLI
MA
TE
BO
ND
S
INIT
IATI
VE”
C
ERTI
FIED
ISSU
E
On
27 O
ctob
er 2
016,
SN
CF
Rés
eau,
th
e ow
ner
and
op
erat
or o
f the
Fre
nch
railw
ay n
etw
ork,
rat
ed A
a2 (M
ood
y’s)
, A
A (S
&P)
, AA
(Fitc
h), l
aunc
hed
an
inau
gur
al is
suan
ce o
f Gre
en B
ond
s am
ount
ing
to
900
mill
ion
euro
s
with
a m
atur
ity p
erio
d o
f 15
year
s.
SN
CF R
ése
au w
as
the f
irst
railw
ay
infr
ast
ruct
ure
manag
em
ent
op
era
tor
in t
he w
orl
d a
nd
the f
irst
tra
nsp
ort
co
mp
any
in E
uro
pe t
o iss
ue
a G
reen B
ond
.
In o
rder
to
def
ine
the
mos
t st
ring
ent
stan
dar
ds
in t
erm
s of
gre
en fi
nanc
ing
an
d t
o th
us b
ecom
e a
glo
bal
poi
nt
of r
efer
ence
in t
he t
rans
por
t se
ctor
, th
e b
ond
issu
e la
unch
ed b
y SN
CF
Rés
eau
is in
line
with
the
Gre
en B
ond
P
rinci
ple
s 201
6 (
GB
P)
and
has
als
o b
een a
ward
ed
Clim
ate
Bo
nd
s In
itia
tive
(C
BI) c
ert
ific
ati
on,
b
y O
eko
m R
ese
arc
h.
Last
ly, S
NC
F R
ésea
u, a
s a
mem
ber
of
the
GB
P an
d t
he F
inan
ce fo
r To
mor
row
1
1. F
inan
ce
fo
r To
mo
rro
w is
an
init
iati
ve le
d b
y th
e p
laye
rs o
f th
e P
aris
Fin
anci
al C
en
tre
to
pro
mo
te s
ust
ain
able
fi
nan
ce in
Fra
nce
an
d in
tern
atio
nal
ly.
It c
on
trib
ute
s to
re
ori
en
tin
g f
inan
cial
flo
ws
tow
ard
s a
low
car
bo
n
and
incl
usi
ve e
con
om
y, in
lin
e w
ith
th
e P
aris
Ag
ree
me
nt
and
th
e S
ust
ain
able
De
velo
pm
en
t G
oal
s (S
DG
).
initi
ativ
e, fu
lly p
artic
ipat
es in
the
d
iscu
ssio
ns a
nd m
arke
t d
evel
opm
ents
of
Gre
en B
ond
s.
The
pro
ceed
s fr
om t
his
gre
en b
ond
hav
e b
een
used
to
finan
ce t
he r
eno
vati
on
of
the s
truct
ura
l netw
ork
and
deve
lop
new
pro
ject
s.
No
elig
ible
pro
ject
s in
cat
egor
y 3
(“
Oth
er in
vest
men
ts li
nked
to
the
glo
bal
cl
imat
e ch
ang
e ch
alle
nges
, the
pro
tect
ion
of b
iod
iver
sity
and
nat
ural
res
ourc
es”)
w
ere
iden
tifie
d in
201
6. H
owev
er,
the
elig
ible
pro
ject
s fr
om t
he fi
rst
tw
o ca
teg
orie
s g
ener
ally
incl
ude
pro
visi
ons
for
pro
tect
ion
of b
iod
iver
sity
an
d n
atur
al r
esou
rces
. The
imp
act
ind
icat
ors
refle
ctin
g th
e po
licy
of
pres
ervi
ng re
sour
ces
are
give
n in
par
t 5
of
thi
s re
port
.
In 2
016,
ap
pro
xim
atel
y 20
% o
f the
ann
ual
issu
ance
s of
the
SN
CF
Rés
eau
in
the
fina
ncia
l mar
kets
wer
e in
the
form
of
Gre
en B
ond
s.
MA
IN C
HA
RA
CTE
RIS
TIC
S
OF
TH
E G
RE
EN
BO
ND
S 2
01
6 O
PE
RA
TIO
N
ISSU
ER
SN
CF R
ése
au
RA
TIN
GA
a2 (M
oo
dy’
s) /
AA
(S&
P) /
AA
(Fit
ch)
OR
DE
R B
OO
KS
1.4
bill
ion e
uro
s
FIN
AL S
IZE
900 m
illio
n e
uro
s
ISSU
E D
ATE
27 O
cto
ber
2016
SE
TTLE
ME
NT D
ATE
9 N
ove
mb
er
2016
MA
TU
RIT
Y D
ATE
9 N
ove
mb
er
2031
PR
ICE
/ R
EO
FF
ER
YIE
LD
98.5
70%
/ 1
.104%
CO
UP
ON
1%
annual
SP
RE
AD
OA
Ts +
31 b
p
Th
e S
NC
F R
ése
au 1
% N
ove
mb
er
2031
is
incl
ud
ed
in
th
e B
arcl
ays
MS
CI
Gre
en
Bo
nd
s In
de
x.
So
urc
e: S
NC
F R
ése
au.
So
urc
e: S
NC
F R
ése
au.
TY
PO
LO
GY
AN
D G
EO
GR
AP
HIC
AL
DIS
TR
IBU
TIO
N O
F I
NV
ESTO
RS
Fra
nce
44%
Oth
ers
5%
Sca
nd
inav
ia 5
%
Asi
a 11%
Sw
itze
rlan
d 4
%
Neth
erl
and
s 7%
Unit
ed
Kin
gd
om
6%
Germ
any
17%
Oth
ers
38%
SR
I inve
sto
rs
62%
20
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
21
04 ALLO
CA
TIO
N
OF
NE
T
PR
OC
EE
DS
Th
e r
eso
urc
es
fro
m
the
issu
ance
of
Gre
en
Bo
nd
s ar
e a
lloca
ted
to
pro
ject
s fo
rth
e r
en
ova
tio
n
and
mo
de
rnis
atio
n
on
th
e c
ore
n
etw
ork
as
we
ll
as t
he
co
mp
leti
on
o
f n
ew
lin
es.
22
SN
CF
RÉ
SE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 2
01
62
3
STR
UC
TUR
E
OF
THE
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S PR
OG
RA
MM
E
The
gre
en b
ond
s is
sued
by
SNC
F R
ésea
u ha
ve t
he s
ame
char
acte
rist
ics
as c
onv
enti
ona
l b
ond
s in
ter
ms
of
cred
it r
isk.
Nev
erth
eles
s, t
hey
have
som
e
add
ition
al c
hara
cter
istic
s
in t
erm
s of
rep
ortin
g o
blig
atio
ns,
mon
itorin
g t
he c
orre
ct a
lloca
tion
of
fund
s to
elig
ible
pro
ject
s an
d
asse
ssm
ent
of t
he e
nviro
nmen
tal
imp
act
of e
ligib
le p
roje
cts.
PR
EPA
RA
TIO
N
OF
THE
SN
CF
RÉ
SEA
U
GR
EE
N B
ON
DS
P
RO
GR
AM
ME
CLI
MA
TE
BO
ND
S
CE
RTIF
IED
BO
ND
“IS
SU
E”
SNC
F R
ésea
u ha
s co
mp
lied
w
ith t
he p
rinci
ple
s la
id o
ut
by
the
Clim
ate
Bon
ds
Initi
ativ
e (C
BI),
an
d p
artic
ular
ly w
ith L
ow C
arb
on
Tran
spor
t El
igib
ility
Crit
eria
(V1.
0)1 .
D
raw
ing
on
bes
t m
arke
t p
ract
ices
,
the
fram
ewor
k d
evel
oped
by
SN
CF
Rés
eau
is a
lso
bas
ed o
n
the
4 p
illar
s st
ruct
ure
dev
elop
ed
in 2
016
by
the
ICM
A2 G
reen
Bon
d
Prin
cip
les.
The
201
6 ve
rsio
n
of t
he G
reen
Bon
ds
pro
gra
mm
e
(Gre
en B
ond
Fra
mew
ork)
is availa
ble
on
the
SN
CF
Rés
eau
web
site
3 .
The
Seco
nd O
pin
ion,
issu
ed
by
Oek
om R
esea
rch,
con
firm
s
the
com
plia
nce
of t
he S
NC
F R
ésea
u
Gre
en B
ond
s fr
amew
ork
with
the
IC
MA
Gre
en B
ond
Prin
cip
les
(201
6).
The
2016
ver
sio
n o
f th
is S
eco
nd
Part
y O
pin
ion
(SPO
) is
avai
lab
le
on
the
SNC
F R
ésea
u w
ebsi
te4 .
Last
ly, t
he S
NC
F R
ésea
u G
reen
Bon
ds
pro
gra
mm
e co
mp
lies
with
with
Low
C
arb
on T
rans
por
t El
igib
ility
Crit
eria
(V
1.0)
. est
ablis
hed
by
the
CB
I.
Oek
om R
esea
rch
is a
lso
resp
onsi
ble
fo
r ve
rifyi
ng t
he c
omp
lianc
e of
thi
s al
ignm
ent
on b
ehal
f of t
he C
BI.
The
2016
ver
sion
of t
his
cert
ifica
tion
awar
ded
by
Oek
om R
esea
rch
is
ava
ilab
le o
n th
e SN
CF
Rés
eau
web
site
5 .
1. T
he
an
ne
xe L
ow
Car
bo
n T
ran
spo
rtat
ion
is a
vaila
ble
at
ww
w.c
limat
eb
on
ds.
ne
t2.
ICM
A: I
nte
rnat
ion
al C
apit
al M
arke
t A
sso
ciat
ion
.3.
bit
.ly/G
Bo
nd
2016
4. b
it.ly
/GB
on
dS
PO
5. b
it.ly
/GB
on
dO
eko
m
6. T
he
Inte
rnat
ion
al U
nio
n o
f R
ailw
ays
(UIC
) has
est
ablis
he
d a
me
tho
d t
o c
lass
ify
line
s d
ep
en
din
g o
n
the
tra
ffic
load
s su
pp
ort
ed
by
the
infr
astr
uct
ure
as
we
ll as
th
e t
ype
of
traf
fic. G
rou
p U
IC 1
co
rre
spo
nd
s
to li
ne
s w
ith
ve
ry h
eav
y lo
ads,
an
d a
t th
e o
pp
osi
te e
nd
of
the
sca
le, g
rou
p U
IC 9
co
rre
spo
nd
s to
lin
es
w
ith
ve
ry li
gh
t lo
ads.
Th
e m
ain
lin
es
of
the
Fre
nch
rai
lway
ne
two
rk a
re in
UIC
gro
up
s 1
to 4
. Th
e m
ajo
r lin
es
w
ith
lig
hte
r lo
ads
fall
un
de
r U
IC g
rou
ps
5 an
d 6
. Th
e li
ne
s w
ith
low
load
s in
th
e U
IC g
rou
ps
7 to
9 c
orr
esp
on
d
to t
he
re
gio
nal
ne
two
rk in
ge
ne
ral.
7. M
ore
de
tails
pag
e 4
0/41
.
Cat
ego
ry 1
INV
EST
ME
NTS
RE
LATE
D T
O
MA
INTE
NA
NC
E,
UP
GR
AD
E A
ND
EN
ER
GY
E
FFIC
IEN
CY
OF
THE
R
AIL
SY
STE
M
Pro
ject
s to
ren
ova
te t
rack
s
and
tra
ctio
n p
ow
er s
upp
ly
infr
astr
uctu
re, a
nd s
igna
lling
sy
stem
up
gra
des
. The
pro
ject
s el
igib
le f
or
this
cat
ego
ry
nece
ssar
ily c
onc
ern
inve
stm
ents
fo
r th
e re
nova
tio
n o
f th
e co
re n
etw
ork
, co
nsi
stin
g o
f th
e m
ost
use
d a
nd
100
% e
lect
rifi
ed
p
art
of
the n
etw
ork
(lin
es
in U
IC g
roup
s 1 t
o 4
6).
Cat
ego
ry 2
INV
EST
ME
NTS
RE
LATE
D
TO N
EW
LIN
ES
A
ND
LIN
ES
EX
TEN
SIO
NS
Pro
ject
s re
late
d t
o n
ew
lines
and
line
ext
ensi
ons
, im
pro
ving
acc
ess
to
the
netw
ork
fo
r p
asse
nger
s
and
fre
ight
mo
bili
ty.
For
exam
ple
LG
V E
st,
LGV
SE
A,
LGV
BP
L,
LGV
CN
M h
igh-
spee
d li
nes
etc7 .
Cat
ego
ry 3
OTH
ER
INV
EST
ME
NTS
LIN
KE
D
TO G
LOB
AL
CLI
MA
TE C
HA
NG
E
CH
ALL
EN
GE
S, P
RO
TEC
TIO
N
OF
BIO
DIV
ER
SITY
AN
D N
ATU
RA
L R
ESO
UR
CE
S
Pro
ject
s re
late
d t
o t
he
pro
tect
ion
of
bio
div
ersi
ty
and
nat
ural
res
our
ces
surr
oun
din
g S
NC
F’s
exis
ting
ne
two
rk.
CA
TE
GO
RIE
S
OF E
LIG
IBLE
PR
OJE
CTS
The
pro
ceed
s of
the
201
6 G
reen
Bon
d
wer
e al
loca
ted
to
inve
stm
ents
co
rres
pon
din
g t
o on
e of
the
follo
win
g
thre
e ca
teg
orie
s.
24
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
25
INV
ESTM
EN
TS IN
M
ILLIO
N E
UR
OS
THEO
RET
ICA
L A
LLO
CA
TIO
NG
REE
N B
ON
DS
SC
OPE
GR
EEN
BO
ND
S
2016
ALL
OC
ATI
ON
TO B
E
ALL
OC
ATE
D
IN 2
017
2016
pr
ojec
tion
Brea
k-do
wn
On
31
Dec
20
16
Bre
ak-
dow
nA
lloca
tion
Bre
ak-
dow
n
MA
INTE
NA
NC
E
AN
D U
PG
RA
DE
1,3
06
76
%1,3
03
88%
710
80%
59
3
Trac
ks, b
alla
st
and
sle
eper
s, e
tc.
855
889
68%
484
Switc
hes
195
15%
106
Sig
nalli
ng
357
183
14%
100
Trac
tion
pow
er
sup
ply
infr
astr
uctu
re94
363%
20
NE
W L
INE
S
AN
D L
INE
S
EX
TE
NSIO
NS
414
24
%17
51
2%
175
20%
0
EST
214
8%14
SEA
7342
%73
BPL
5330
%53
CN
M
3620
%36
OTH
ER
S P
RO
JE
CTS
00%
00%
00
TO
TA
L
1,7
20
1
,479
885
59
3
So
urc
e: S
NC
F R
ése
au
.S
ou
rce
: S
NC
F R
ése
au
.
DE
SC
RIP
TIO
N
OF
TH
E F
UN
D
MA
NA
GE
ME
NT P
OLIC
Y
For
pro
ceed
s ye
t to
be
allo
cate
d
thes
e am
oun
ts c
oul
d b
e p
lace
d
on
SRI m
utua
l fun
ds,
ban
k d
epo
sit
or
cash
in b
ank
in o
rder
to
ens
ure
TH
E A
LLO
CA
TIO
N I
N D
ETA
IL
The
follo
win
g t
able
sho
ws
the
allo
catio
n of
the
issu
ance
of
Gre
en B
ond
s fo
r 20
16
acco
rdin
g t
o th
e th
ree
elig
ible
in
vest
men
t ca
teg
orie
s.
Defi
nit
ions
– “T
heo
reti
cal allo
cati
on”:
am
ount
of t
he p
roje
cted
inve
stm
ents
fo
r 20
16 fo
r ea
ch o
f the
cat
egor
ies
as
giv
en in
the
SN
CF
Rés
eau
2016
bud
get
and
pre
sent
ed t
o in
vest
ors
d
urin
g t
he in
aug
ural
Gre
en R
oad
show
in
Oct
ober
201
6.–
“Gre
en B
ond
s sc
op
e”:
am
ount
s of
inve
stm
ents
act
ually
mad
e b
y SN
CF
Rés
eau
in e
ach
of t
he c
ateg
orie
s
as o
n 31
/12/
2016
.–
“Gre
en B
ond
s allo
cati
on
”:
allo
catio
n p
er c
ateg
orie
s of
the
net
re
sour
ces
obta
ined
from
the
issu
ance
of
Gre
en B
ond
s fr
om N
ovem
ber
201
6
to 3
1/12
/201
6.–
“Yet
to b
e a
lloca
ted
”: a
mou
nts
of
elig
ible
inve
stm
ents
in 2
016
not
allo
cate
d
to a
Gre
en B
ond
s is
suan
ce a
nd w
hich
m
ay c
onse
que
ntly
be
reus
ed in
201
7.
GR
EE
N B
ON
D 2
016
ALLO
CA
TIO
N - M
ON
ITO
RIN
G O
F F
UN
DS (
IN €
M)
Sett
lem
ent
dat
e9
Nov
20
169
Nov
20
1601
Dec
20
1630
Dec
20
1601
Mar
ch
2017
Net
Pro
ceed
s 88
5.33
SIC
AV
ISR
385.
330
0-
384.
99
Uns
ecur
ed
dep
osit
300
0-
300
0
Ban
k ac
coun
ts20
0-
200
00
Sub
-tot
al
885.
33-
200
- 30
0-
384.
99
TO
TA
L
88
5.3
38
85
.33
685
.33
385
.33
0.3
4
Full
allo
catio
n
trac
eab
ility
of
the
fund
m
anag
emen
t p
olic
y.
The
full
allo
catio
n fo
r th
e
2016
op
erat
ion
was
car
ried
out
on
1st
Mar
ch 2
017.
26
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
27
KP
MG
A
SSU
RA
NC
E
RE
PO
RT
SNC
F R
ésea
u ap
poi
nted
KPM
G
to g
ive
a in
dép
end
ent
assu
ranc
e
on t
he g
reen
bon
d r
epor
t.
Extr
act
fro
m t
he c
oncl
usi
on
of
the K
PM
G a
ssura
nce
rep
ort
“We c
onsi
de
r th
at t
he e
vid
ence
g
athe
red
is s
uff
icie
nt
and
ap
pro
pri
ate
to b
ase
ou
r co
ncl
usi
on o
n.
On
the
bas
is o
f th
is w
ork
s, w
e h
ave
no
t fo
und
an
y si
gnific
ant
ano
mal
y
wh
ich
may
cas
t d
oub
t up
on
the V
eri
fied
Info
rmat
ion
, nam
ely
: –
the
co
mp
liance
of
the
pro
ject
s ap
pe
arin
g in
the p
arag
rap
h
“Tab
le o
f al
loca
tio
ns”
on p
age 2
6
wit
h t
he
elig
ibili
ty c
rite
ria
defined
b
y SN
CF R
ése
au in
the “
Gre
en B
ond
Fra
mew
ork
”;
– th
e a
lloca
tio
n o
f th
e f
un
ds
rais
ed
d
uri
ng
the G
reen B
on
d is
suan
ce
for
elig
ible
pro
ject
s g
ive
n in
th
e p
arag
rap
h “
Tab
le o
f al
loca
tio
ns”
o
n p
age 2
6;
– th
e d
esc
rip
tio
n o
f th
e f
und
m
anag
em
ent
po
licy
giv
en in
th
e p
arag
rap
h “
Desc
rip
tio
n
of
the f
un
d m
anag
em
ent
po
licy”
o
n p
age 2
7;
– th
e “
tota
l car
bo
n im
pac
t o
f th
e
exp
ense
s finan
ced
by
Gre
en B
ond
s”
ind
icat
or
giv
en in
the t
able
of
th
e p
arag
rap
h “
Glo
bal
ove
rvie
w”
o
n p
age 4
4;
are p
rese
nte
d in
the a
nnual
Rep
ort
,
in a
ll th
eir
sig
nific
ant
asp
ect
s,
in c
om
plia
nce
wit
h t
he
Refe
rence
d
ocu
me
nt.
”
The
KPM
G a
ssur
ance
rep
ort
mus
t
be
read
in it
s en
tiret
y. It
is a
vaila
ble
on
the
SN
CF
Rés
eau
web
site
.
28
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
29
SN
CF
Ré
seau
h
as d
eve
lop
ed
a
spe
cifi
c m
eth
od
fo
r m
eas
uri
ng
th
e im
pac
t o
f it
s
rail
ne
two
rk r
en
ew
al
and
lin
e c
reat
ion
p
olic
y, in
te
rms
o
f g
ree
nh
ou
se
gas
em
issi
on
s
and
pro
tect
ion
o
f re
sou
rce
s.
05
RE
PO
RTIN
G A
ND
M
ETH
OD
OLO
GY
O
F T
HE
G
RE
EN
BO
ND
S
PR
OG
RA
MM
E
IND
ICA
TO
RS
30
SN
CF
RÉ
SE
AU
G
RE
EN
BO
ND
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EP
OR
T 2
01
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om
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ilLe
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it-Th
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ille
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nvi
ron
1 cm
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te 1
4 km
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N
50
km
201
6 A
LLO
CA
TIO
N I
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ICA
TO
R T
AB
LE
CA
TE
GO
RIE
SIN
DIC
ATO
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RE
SU
LTS
INV
EST
ME
NT
S IN
MA
INT
EN
AN
CE
, M
OD
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NIS
AT
ION
A
ND
EN
ER
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E
FFIC
IEN
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P
RO
JEC
TS
CO
NC
ER
NIN
G
TH
E R
AIL
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STE
M
GR
EE
NH
OU
SE
GA
SE
S (
GH
G)
EM
ITTE
D
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D A
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IDE
D E
MIS
SIO
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– G
reen
hous
e G
as e
mis
sio
ns
due
to
the
ren
ewal
pro
ject
– G
reen
hous
e G
as e
mis
sio
ns a
void
ed
than
ks t
o t
he r
enew
al p
roje
ct
253
ktC
O2e
q
2,98
0 kt
CO
2eq
PR
OTE
CTIO
N O
F R
ESO
UR
CE
S
– Sh
are
of
re-u
sed
rai
ls (t
ons
)–
Shar
e o
f re
cycl
ed r
ails
(to
ns)
– Sh
are
of
bal
last
re-
used
(to
ns)
– Vo
lum
e o
f w
oo
den
sle
eper
s re
cycl
ed f
or
ener
gy
pur
po
ses
– N
umb
er o
f ki
lom
etre
s
of
cate
nary
rep
lace
d
3.5%
96.5
%30
to
50%
78,3
00 t
ons
400
km
INV
EST
ME
NT
S R
ELA
TE
D
TO
NE
W L
INE
S A
ND
LIN
E
EX
TE
NSI
ON
S
GR
EE
NH
OU
SE
GA
S (
GH
G)
EM
ISSIO
NS
– G
reen
hous
e G
as e
mis
sio
ns
due
to
the
pro
ject
– E
mis
sio
ns a
void
ed
54 k
tCO
2eq
244
ktC
O2e
q
PR
OTE
CTIO
N O
F R
ESO
UR
CE
S
– N
umb
er o
f he
ctar
es c
om
pen
sate
d–
Num
ber
of
wild
life
cro
ssin
gs
crea
ted
6,43
01,
253
OT
HE
R
INV
EST
ME
NT
S LI
NK
ED
TO
T
HE
GLO
BA
L C
LIM
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E C
HA
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ALL
EN
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TH
E P
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TE
CT
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O
F B
IOD
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RSI
TY
A
ND
NA
TU
RA
L R
ESO
UR
CE
S
The
cat
ego
ry is
to
be
exp
and
ed a
s it
gro
ups
seve
ral
pro
ject
s th
at a
re le
ss s
igni
fican
t in
ter
ms
of
amo
unts
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ut im
po
rtan
t fo
r th
e o
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rpo
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MA
P
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FIN
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D
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32
SN
CF
RÉ
SE
AU
G
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ND
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EP
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01
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DET
AIL
ED R
EPO
RT
PER
CA
TEG
ORY
1. C
arb
on
e 4
is a
n in
de
pe
nd
en
t co
nsu
ltin
g f
irm
sp
eci
alis
ed
in lo
w c
arb
on
str
ate
gy
and
ad
apta
tio
n
to c
limat
e c
han
ge
.2.
Th
is m
eth
od
olo
gy
is a
vaila
ble
at
sncf
-re
seau
.fr/
fr/f
inan
ce-d
ura
ble
3. T
he
sco
pe
of
this
su
mm
ary
cove
rs a
ll d
ire
ct a
nd
ind
ire
ct e
mis
sio
ns
up
stre
am a
nd
do
wn
stre
am o
f th
e
wo
rks
carr
ied
ou
t, b
ut
do
es
no
t co
ver
the
op
era
tio
n a
nd
mai
nte
nan
ce o
f th
e in
fras
tru
ctu
re in
qu
est
ion
.
In o
rder
to
hig
hlig
ht t
he p
ositi
ve
cons
eque
nces
of t
he p
roje
cts
finan
ced
b
y its
issu
ance
of G
reen
Bon
ds,
SN
CF
Rés
eau
wis
hed
to
qua
ntify
th
e im
pac
t of
the
se p
roje
cts
in t
he fi
ght
ag
ains
t g
reen
hous
e g
as e
mis
sio
ns.
To a
chie
ve t
his,
SN
CF
Rés
eau,
in
co
llab
ora
tio
n w
ith
Car
bo
ne 4
1 ,
has
dra
fted
a s
peci
fic
meth
od
olo
gy2
that
est
ablis
hes
the
prin
cip
les
an
d m
etho
d u
sed
to
calc
ulat
e
the c
arb
on im
pact
of t
hese
pro
ject
s.
The
carb
on im
pac
t is
ob
tain
ed b
y
com
par
ing
the c
arb
on f
oo
tpri
nt
(e
mis
sion
s re
sulti
ng fr
om t
he
pro
ject
) with
the
em
issi
ons
avo
ided
(d
urin
g t
he p
roje
ct o
per
atio
n p
hase
):–
the
calc
ulat
ion
of t
he c
arb
on fo
otp
rint
cons
ists
of e
stab
lishi
ng a
sum
mar
y
of G
reen
hous
e G
as e
mis
sion
s re
sulti
ng
from
a li
ne r
enew
al o
r cr
eatio
n p
roje
ct3 ,
acco
rdin
g t
o ex
istin
g c
arb
on a
naly
sis
met
hod
s.
– th
e ca
lcul
atio
n of
the
em
issi
ons
avoi
ded
b
y a
line
rene
wal
or
crea
tion
pro
ject
co
nsis
ts o
f com
par
ing
the
em
issi
ons
from
th
e tr
ansp
ort
syst
em in
bot
h sc
enar
ios,
on
e w
ithou
t th
e ex
ecut
ion
of t
he p
roje
ct,
and
the
oth
er w
ith it
.
CA
RB
ON
IM
PA
CT
OF
TH
E P
RO
JEC
TS
FIN
AN
CE
D B
Y T
HE
G
RE
EN
BO
ND
IMPA
CT
OF
RE
NE
WA
L
PR
OJE
CTS
CA
RB
ON
F
OO
TP
RIN
T
CA
RB
ON
F
OO
TP
RIN
T
EM
ISSIO
NS
AV
OID
ED
EM
ISSIO
NS
AV
OID
ED
IMPA
CT O
F T
HE
D
EV
ELO
PM
EN
T O
FN
EW
RA
IL L
INE
P
RO
JEC
TS
CA
TE
GO
RY
1
Inve
stm
ents
in m
ainte
nan
ce,
mo
de
rnis
ati
on
an
d
en
erg
y e
ffic
ien
cy p
roje
cts
o
f th
e r
ail s
yst
em
CA
RB
ON
IM
PA
CT O
F T
HE
RE
NE
WA
L E
XP
EN
SE
S F
INA
NC
ED
B
Y G
RE
EN
BO
ND
S TR
AC
KS
SW
ITC
HE
S
TRA
CTI
ON
PO
WER
SU
PPLY
IN
FRA
-ST
RUCTU
RE
SIG
NA
LLIN
GTO
TAL
EX
PE
NSE
S F
INA
NC
ED
B
Y G
RE
EN
BO
ND
S 2
016
(€M
)484
106
20
100
710
CA
RB
ON
FO
OT
PR
INT
(IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
175
38
238
253
AV
OID
ED
EM
ISSIO
NS (IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
2,0
83
456
92
350
2,9
80
CA
RB
ON
IM
PA
CT
(FO
OT
PR
INT
- A
VO
IDE
D E
MIS
SIO
NS) (IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
- 1,9
08
- 41
8-
90
- 31
2-
2,7
28
AV
ER
AG
E C
AR
BO
N
NE
UT
RA
LIT
Y T
IME
O
F R
EPA
IR P
RO
JE
CT
S
3.3
YE
AR
S
ME
TH
OD
USE
D T
O C
ALC
ULA
TE
TH
E C
AR
BO
N IM
PA
CT
OF R
EN
EW
AL
PR
OJE
CTS
Carb
on f
oo
tpri
nt
The
Gre
en B
ond
s he
lps
finan
ce h
und
red
s of
ren
ewal
p
roje
cts
per
yea
r, of
var
ying
sca
le. A
sses
sing
th
e ca
rbon
foot
prin
t of
eac
h p
roje
ct in
div
idua
lly w
ould
re
qui
re a
n ex
trem
ely
cum
ber
som
e re
por
ting
pro
cess
an
d a
cos
tly m
obili
satio
n of
res
ourc
es.
34
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
35
INV
ESTM
EN
TS R
ELA
TE
D T
O M
AIN
TE
NA
NC
E,
U
PG
RA
DE
AN
D E
NE
RG
Y E
FF
ICIE
NC
Y
OF
TH
E R
AIL
SY
STE
M
GR
EE
N B
ON
DS
SC
OP
EG
RE
EN
BO
ND
S
ALLO
CA
TIO
N
€M
NO
1€
MN
O
TO
TA
L1
,30
31
,06
77
10
36
TR
AC
KS
1,0
83
61
95
90
27
OF W
HIC
H H
SL
113
33
62
3
OF W
HIC
H U
IC 1
TO
4776
360
423
8
OF W
HIC
H S
WIT
CH
ES
195
226
106
16
SIG
NA
LLIN
G A
ND
OP
ER
ATIO
N1
83
18
71
00
5
ELE
CTR
IC T
RA
CTIO
N3
62
61
20
4
A d
ecis
ion
was
mad
e to
det
erm
ine
th
e ca
rbon
foot
prin
t of
the
rep
rese
ntat
ive
rene
wal
pro
ject
s an
d t
o ex
trap
olat
e th
e re
sults
of s
imila
r p
roje
cts
with
th
e sa
me
carb
on p
rofil
e.
The
proj
ects
cov
ered
by
SNC
F Ré
seau
’s
Gre
en B
onds
hav
e ve
ry d
iffer
ent
char
acte
ristic
s (m
ater
ials
, ser
vice
life
, etc
.),
and
wer
e th
eref
ore
grou
ped
into
var
ious
ca
tego
ries
rega
rdin
g th
ese
char
acte
ristic
s.
A c
arb
on fo
otp
rint
was
det
erm
ined
fo
r re
new
al o
f the
follo
win
g
equi
pm
ent
cate
gor
ies,
acc
ord
ing
to
diff
eren
t ca
lcul
atio
n m
etho
ds.
–
Track
s and
sw
itch
es:
foot
prin
t
of 3
61 t
CO
2eq
per
mill
ion
euro
s in
vest
ed,
bas
ed o
n th
e ca
rbon
foot
prin
t re
por
ted
at
a 9
0-km
tra
ck r
enew
al o
per
atio
n re
aliz
ed b
y a
hig
h ou
tput
ren
ewal
tr
ain
on t
he li
ne fr
om N
arb
onne
to
Mon
tpel
lier
line
in 2
015.
–
Tract
ion p
ow
er
sup
ply
infr
ast
ruct
ure
: fo
otpr
int
of 8
6 tC
O2e
q pe
r m
illio
n eu
ros
inve
sted
, bas
ed o
n lif
e cy
cle
anal
ysis
of
1.5
and
25
kV c
aten
arie
s.
– Sig
nalli
ng
: foo
tprin
t of
380
tC
O2e
q
per
mill
ion
euro
s in
vest
ed, b
ased
on
two
mon
etar
y em
issi
on fa
ctor
s es
tab
lishe
d b
y A
DEM
E2 [c
omp
uter
, el
ectr
onic
and
op
tic p
rod
ucts
(4
00 t
CO
2eq
/€M
) and
con
stru
ctio
n (3
60 t
CO
2eq
/€M
), co
ncer
ning
th
e b
uild
ing
s ho
stin
g t
he c
entr
aliz
ed
traf
fic c
ontr
ol r
oom
s].
1. N
um
be
r o
f p
roje
cts.
2. A
DE
ME
is t
he
Fre
nch
sta
te a
ge
ncy
fo
r e
ne
rgy
savi
ng
. Mo
ne
tary
em
issi
on
fac
tors
of
pro
du
cts
and
se
rvic
es
at b
ilan
s-g
es.
ade
me
.fr
(bit
.ly/b
ilan
sad
em
e).
PR
ESE
NTA
TIO
N
OF LI
NE
RE
NE
WA
L P
RO
JEC
TS
The
rene
wal
op
erat
ions
car
ried
out
on
the
rail
netw
ork
ensu
re t
he in
fras
truc
ture
is
mai
ntai
ned
in a
n op
erat
iona
l co
nditi
on a
t its
rat
ed le
vel,
thus
sec
urin
g
the
attr
activ
enes
s of
the
rai
l net
wor
k
for
user
s. A
ren
ewal
pro
ject
con
sist
s
of r
epla
cing
all
or p
art
of t
he
infr
astr
uctu
re c
omp
onen
ts, w
hich
m
ay b
e g
roup
ed in
to fo
ur s
ub-s
ets:
– Tr
ack
and
sw
itch
es,
prim
arily
com
pose
d
of
two
rai
ls, s
leep
ers,
bal
last
and
sw
itch
ing
sys
tem
s, a
llow
ing
tra
ins
to
run
;–
Tract
ion p
ow
er
sup
ply
infr
ast
ruct
ure
, co
nsis
ting
of c
aten
ary
wire
s, s
upp
orts
, su
b-s
tatio
ns, p
rovi
din
g p
ower
to
elec
tric
tr
ains
; –
Sig
nalli
ng
, con
sist
ing
of d
iffer
ent
typ
es
of s
igna
ls (l
ight
, mec
hani
cal,
man
ual,
aud
ible
) as
wel
l as
op
erat
ions
bui
ldin
gs
that
co
ntai
n th
e ce
ntra
lised
net
wo
rk
com
man
d c
entr
e. S
igna
lling
co
nvey
s o
rder
s to
the
tra
in d
rive
r an
d is
use
d
to r
egul
ate
circ
ulat
ion
in c
omp
lete
saf
ety;
– C
ivil
eng
ineeri
ng
str
uct
ure
s (b
rid
ges,
tu
nnels
) and
eart
hw
ork
s th
at a
llow
th
e tr
ack
to c
ross
nat
ural
or
artif
icia
l ob
stac
les.
Po
wer
cab
les
Cat
enar
y w
ires
Can
tile
ver
or
conso
le
Po
st
Bal
last
Rai
ls
Sle
ep
er
Trac
ks
Sub
-lay
er
36
SNC
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37
CA
TE
GO
RY
2
Investm
ents
rela
ted
to
new
lin
es
and
lin
e e
xte
nsio
ns
Thes
e va
lues
are
ap
plie
d t
o th
e ex
pen
ditu
res
fund
ed b
y th
e G
reen
B
ond
s, w
hich
det
erm
inat
es t
he c
arb
on
foot
prin
t of
an
equi
pm
ent
cate
gor
y.
Car
bon
foot
prin
ts o
f the
thr
ee e
qui
pm
ent
cate
gor
ies
pro
vid
e th
e to
tal c
arb
on
foot
prin
t of
the
ren
ewal
pro
ject
s.
Em
issi
ons
avo
ided
b
y in
frast
ruct
ure
renew
al p
roje
cts
The
qua
lity
of r
ail i
nfra
stru
ctur
e w
ould
d
eclin
e if
no r
enew
al is
don
e, g
rad
ually
fo
llow
ed b
y sp
eed
res
tric
tions
for
trai
ns.
Pass
eng
ers
and
shi
pp
ers
wou
ld t
hen
pre
fer
othe
r m
odes
of t
rans
por
t
(roa
d, a
ir, w
ater
bor
ne),
whi
ch e
mit
m
ore
gre
enho
use
gas
es t
han
trai
ns.
In o
rder
to
estim
ate
the
neg
ativ
e co
nseq
uenc
es o
f mod
al s
hift
from
rai
l, th
e re
fere
nce
scen
ario
(no
rene
wal
) is
com
par
ed t
o th
e p
roje
ct s
cena
rio.
In s
imp
le t
erm
s, t
he m
etho
d t
o ca
lcul
ate
emis
sion
s av
oid
ed b
y ke
epin
g a
rai
lway
lin
e in
goo
d c
ond
ition
is a
s fo
llow
s:
• C
alc
ula
tio
n o
f em
issi
ons
in t
he r
enew
al p
roje
ct s
cenari
o1.
Est
imat
ion
of t
he t
raff
ic r
unni
ng
on t
he li
ne s
ectio
n d
urin
g t
he y
ear
prio
r to
the
ren
ewal
.2.
Tra
ffic
fore
cast
dur
ing
the
ser
vice
lif
e of
the
ren
ewed
eq
uip
men
t.3.
Ap
plic
atio
n of
rai
l tra
nsp
ort
emis
sion
fa
ctor
s an
d t
heir
evol
utio
n (o
rigin
of
ele
ctric
ity, e
tc.)
on t
he s
ervi
ce
life
of t
he r
enew
ed e
qui
pm
ent.
• C
alc
ula
tio
n o
f em
issi
ons
in
the r
efe
rence
sce
nari
o1.
Sam
e as
poi
nts
1 an
d 2
ab
ove.
2. A
pp
licat
ion
of h
ypot
hesi
s of
mod
al
shift
from
rai
l res
ultin
g o
f the
lack
of
ren
ewal
on
the
line
sect
ion.
3. A
pp
licat
ion
of t
rans
por
t m
ode
emis
sion
fa
ctor
s an
d t
heir
evol
utio
n (e
lect
ric c
ars,
or
igin
of e
lect
ricity
, etc
.) on
the
ser
vice
lif
e of
the
ren
ewed
eq
uip
men
t.
The
diff
eren
ce in
GH
G e
mis
sion
s ov
er
the
entir
e tr
ansp
ort
syst
em b
etw
een
th
e tw
o sc
enar
ios
corr
esp
ond
s to
th
e em
issi
ons
avoi
ded
by
oper
atin
g t
he
rene
wed
eq
uip
men
t ov
er it
s se
rvic
e lif
e.
The
shar
e of
the
se a
void
ed e
mis
sion
s al
loca
ted
to
Gre
en B
ond
s is
pro
por
tiona
l to
the
sco
pe
of o
per
atio
ns a
nd
thei
r p
art
fund
ed b
y G
reen
Bon
ds.
Avo
ided
em
issi
ons
are
calc
ulat
ed o
ver
th
e se
rvic
e lif
e of
the
rene
wed
equ
ipm
ent:
fo
rty
year
s fo
r tr
acks
, for
ty t
hree
yea
rs
for
trac
tion
pow
er s
uppl
y in
fras
truc
ture
, an
d th
irty
thre
e ye
ars
for
sign
allin
g
inst
alla
tions
.
CA
RB
ON
IM
PA
CT O
F R
EN
EW
AL E
XP
EN
SE
S F
INA
NC
ED
B
Y G
RE
EN
BO
ND
S F
OR
NE
W R
AIL
LIN
E P
RO
JE
CTS
EST 2
BP
LSE
AC
NM
TO
TA
L
EX
PE
NSE
S F
INA
NC
ED
B
Y G
RE
EN
BO
ND
S 2
016
(€M
)14
53
73
36
175
CA
RB
ON
FO
OT
PR
INT
(IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
721
16
10
54
AV
OID
ED
EM
ISSIO
NS (IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
536
98
105
244
CA
RB
ON
IM
PA
CT
(FO
OT
PR
INT
- A
VO
IDE
D E
MIS
SIO
NS) (IN
TH
OU
SA
ND
TO
NS O
F C
O2E
Q)...
... A
LLO
CA
TE
D T
O
EX
PE
NSE
S F
INA
NC
ED
B
Y T
HE
GR
EE
N B
ON
DS
2-
15
- 82
- 95
- 19
0
AV
ER
AG
E C
AR
BO
N
NE
UT
RA
LIT
Y T
IME
O
F N
EW
LIN
E P
RO
JE
CT
S7
.4 Y
EA
RS
38
SNC
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ÉSEA
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RT 2
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39
LGV
Sud
Euro
pe A
tlanti
que (
SE
A),
3
40
km
of
line a
nd
co
nnect
ions
in
to s
erv
ice s
ince
on 2
July
20
17
.
Pro
ject
. Th
e LG
V S
EA h
igh-
spee
d li
ne,
from
the
sou
th o
f Tou
rs t
o th
e no
rth
of
Bor
dea
ux, i
s p
art
of t
he e
xten
sion
of
the
sou
ther
n b
ranc
h of
th
e LG
V A
tlant
ique
com
mis
sion
ed
in 1
990,
from
Tou
rs t
o B
ord
eaux
. It
is a
larg
e-sc
ale
pro
ject
, ser
ving
m
ost
of S
outh
-Wes
tern
Fra
nce.
Ob
ject
ive.
Ensu
ring
tim
e sa
ving
s
of fi
fty
min
utes
bet
wee
n Pa
ris
and
the
Nor
th-E
ast,
and
bet
wee
n
Bor
dea
ux a
nd t
he S
outh
-Wes
t.
The
pro
ject
is s
ubje
ct t
o a
conc
essi
on
cont
ract
for
a te
rm o
f fift
y ye
ars
with
th
e co
mp
any
LISE
A, o
f whi
ch V
inci
C
once
ssio
ns a
nd V
inci
SA
ow
n 33
.4%
of t
he s
hare
s, C
DC
Infr
a 25
.4%
, M
erid
iam
22%
and
Ard
ian
19.2
%.
The
SEA
pro
ject
cro
sses
are
as
of h
igh
envi
ronm
enta
l val
ue (5
0%
of t
he p
rote
cted
sp
ecie
s lis
ted
in F
ranc
e an
d E
urop
e, 1
4 N
atur
a 20
00 s
ites,
etc
.).
Des
pite
an
itera
tive
stud
y to
def
ine
the
bes
t ro
ute,
the
hab
itat
of 2
23 p
rote
cted
sp
ecie
s w
as a
ffec
ted
by
the
LGV
pro
ject
. Th
e co
nces
sion
ary
trie
d it
s ut
mos
t to
avo
id o
r re
duc
e th
e im
pac
ts
of t
he p
roje
ct (w
ide
cros
sing
str
uctu
res,
80
0 ec
olog
ical
tra
nsp
aren
cy w
orks
, p
rote
cted
are
as, e
tc.).
Nîm
es
– M
ontp
elli
er
Byp
ass
(C
NM
),
80
km
of
line a
nd
co
nnect
ions
com
mis
sio
ned
on 1
0 D
ece
mb
er
20
17
.
Pro
ject
. Th
e N
îmes
– M
ontp
ellie
r B
ypas
s
is a
n es
sent
ial l
ink
in t
he E
urop
ean
hig
h-sp
eed
net
wor
k an
d t
he t
rans
-Eur
opea
n ra
il fr
eig
ht n
etw
ork.
Ob
ject
ives.
– B
oost
ing
the
dev
elop
men
t of
rai
l fr
eig
ht, o
f whi
ch t
he L
ang
ued
oc li
ne
is a
n im
por
tant
link
, mov
ing
hea
vy
goo
ds
traf
fic fr
om t
he p
aral
lel A
9.–
Rel
ievi
ng t
he c
onve
ntio
nal l
ine
an
d e
nhan
cing
the
reg
iona
l ser
vice
.–
Ensu
ring
hig
h-sp
eed
pas
seng
er
tran
spor
t in
the
med
ium
and
long
te
rm, w
hen
the
CN
M w
ill b
e ex
tend
ed
tow
ard
s th
e So
uth.
In t
he im
med
iate
futu
re, t
he C
NM
en
sure
s tim
e sa
ving
s of
alm
ost
twen
ty
min
utes
bet
wee
n Pa
ris a
nd t
he S
outh
of
the
Lan
gue
doc
reg
ion
and
Bar
celo
na.
PR
ESE
NTA
TIO
N O
F
NE
W R
AIL
LIN
E P
RO
JEC
TS
Four
new
rai
l lin
e p
roje
cts
wer
e fin
ance
d
by
the
Gre
en B
ond
s
LGV
Est
euro
péenne h
igh-s
peed
lin
e p
hase
2 (E
st2
), 1
16 k
m o
f ra
il
line a
nd
co
nnect
ions
op
era
tio
nal
since
3 J
uly
201
6.
Pro
ject
. Th
e se
cond
pha
se o
f the
Es
t eu
rop
éen
Hig
h-Sp
eed
Lin
e (L
GV
) co
nnec
ts B
aud
reco
urt
(Mos
elle
) to
Ven
den
heim
(to
the
Nor
th o
f St
rasb
ourg
), co
ntin
uous
ly fo
r th
e fir
st
300
km, c
omm
issi
oned
in 2
007.
Ob
ject
ives.
Con
nect
ing
the
Eas
tern
G
reat
er P
aris
are
a an
d o
ther
Fre
nch
reg
ions
(Nor
th, W
est,
Sou
th-W
est)
w
ith a
tim
e g
ain
of t
hirt
y m
inut
es.
The
pro
ject
als
o im
pro
ves
inte
rnat
iona
l co
nnec
tions
bet
wee
n th
e St
rasb
ourg
an
d L
uxem
bou
rg r
egio
ns, a
nd p
rovi
des
q
uick
er a
cces
s to
Sou
ther
n G
erm
any.
Th
e se
cond
pha
se o
f the
LG
V E
st
euro
pée
nne
com
ple
tes
Fran
ce’s
p
artic
ipat
ion
in t
he “
Mai
n Li
ne
for
Euro
pe”
, a t
rans
-Eur
opea
n ra
il ne
twor
k th
at s
pan
s 1
500
km
from
Par
is t
o B
udap
est.
In 2
010,
for
its a
ctio
ns w
ithin
the
fr
amew
ork
of t
he L
GV
Est
eur
opée
nne,
SN
CF
Rés
eau
obta
ined
the
Gre
nelle
de
l’env
ironn
emen
t la
bel
“B
iod
iver
sity
Yea
r”.
LGV
Bre
tag
ne -
Pays
de la L
oir
e (
BP
L),
21
3 k
m o
f lin
e a
nd
co
nnect
ions
co
mm
issi
oned
on 2
July
20
17
.
Pro
ject
. Th
e LG
V B
reta
gne
– P
ays
de
la
Loi
re, h
igh-
spee
d li
ne fr
om C
onne
rré
to t
he w
est
of R
enne
s, is
par
t of
the
ex
tens
ion
tow
ard
s R
enne
s an
d N
ante
s of
th
e w
este
rn b
ranc
h of
the
LG
V A
tlant
ique
hi
gh-
spee
d li
ne c
omm
issi
oned
in 1
989.
Ob
ject
ive.
Sig
nific
antly
dev
elop
ing
th
e se
rvic
e to
Brit
tany
and
the
Pay
s d
e la
Loi
re, b
y re
duc
ing
the
per
iphe
ral
pos
ition
of t
he W
est
and
by
imp
rovi
ng
acce
ssib
ility
to
othe
r Fr
ench
reg
ions
(P
aris
and
maj
or r
egio
nal c
ities
w
ith d
irect
“p
rovi
nce-
pro
vinc
e”
conn
ectio
ns) a
nd E
urop
ean
citie
s.A
thi
rty
seve
n-m
inut
e tim
e g
ain
bet
wee
n Pa
ris a
nd R
enne
s an
d fu
rthe
r in
to
Brit
tany
. Par
is is
22
min
utes
clo
ser
from
La
val a
nd 8
min
utes
clo
ser
from
Ang
ers,
N
ante
s an
d t
he t
errit
orie
s b
eyon
d.
For
the
exis
ting
TG
V A
tlant
ique
tra
ins
(com
mer
cial
sp
eed
of 3
00 k
m/h
),
the
bes
t jo
urne
y tim
e is
for
exam
ple
1
h 26
min
utes
for
Paris
– R
enne
s,
1 h
17 m
inut
es fo
r Pa
ris –
Ang
ers
(inst
ead
of 1
h 2
5 m
inut
es) a
nd
1 h
51 m
inut
es fo
r Pa
ris –
Nan
tes.
The
new
rai
l lin
e al
so h
as a
pos
itive
im
pac
t on
the
reg
iona
l and
inte
r-re
gio
nal
serv
ices
. Mor
e re
gio
nal a
nd fr
eig
ht t
rain
s ca
n ci
rcul
ate
on t
he c
onve
ntio
nal l
ine
bet
wee
n Le
Man
s an
d R
enne
s.
The
“Virg
ule
de S
ablé
-sur
-Sar
the”
junc
tion
also
sig
nific
antly
red
uces
the
reg
iona
l tr
avel
tim
e b
etw
een
Nan
tes
and
Lav
al,
and
betw
een
Ang
ers,
Lav
al a
nd R
enne
s.
40
SNC
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41
ME
TH
OD
TO
CA
LCU
LATE
TH
E C
AR
BO
N IM
PA
CT
OF N
EW
LIN
E P
RO
JEC
TS
New
line
pro
ject
s ar
e lim
ited
in n
umb
er
(four
) and
rep
rese
nt a
maj
or in
vest
men
t (1
5 b
illio
n eu
ros
in t
otal
).
Thei
r ca
rbon
imp
act
can
be
det
erm
ined
in
div
idua
lly, w
ithou
t ex
trap
olat
ion
b
ased
on
a lim
ited
pan
el o
f op
erat
ions
as
ap
plie
d t
o re
new
al o
per
atio
ns.
Carb
on f
oo
tpri
nt
The
carb
on fo
otp
rints
of t
he fo
ur n
ew
line
pro
ject
s w
ere
calc
ulat
ed b
y th
eir
pro
ject
ow
ners
(SN
CF
Rés
eau
for
Est
2,
Eiff
age
Rai
l Exp
ress
for
BPL
, LIS
EA
for
SEA
, Oc’
Via
for
CN
M).
Em
issi
ons
avo
ided
b
y new
rail
line p
roje
cts
Sinc
e ra
il is
the
mod
e of
tra
nsp
ort
with
th
e lo
wes
t G
HG
em
issi
ons,
op
enin
g
a ne
w li
ne r
educ
es t
he o
vera
ll em
issi
on
leve
l of t
he t
rans
por
t sy
stem
.C
alcu
latin
g a
void
ed e
mis
sion
s co
nsis
ts
of c
omp
arin
g t
he c
arb
on fo
otp
rint
of
pas
seng
ers
and
frei
ght
tra
nsp
ort
in
tw
o sc
enar
ios:
– re
fere
nce
scen
ario
: the
stu
die
d p
roje
ct
is n
ot r
ealiz
ed a
nd t
he in
itial
situ
atio
n g
oes
on;
– p
roje
ct s
cena
rio: o
pen
ing
the
new
line
sh
ifts
traf
fic fr
om r
oad
or
air
to r
ail a
nd
gen
erat
es a
new
tra
nsp
ort
dem
and
cal
led
in
duc
tion.
The
met
hod
use
d t
o ca
lcul
ate
the
emis
sion
s av
oid
ed b
y op
enin
g
a ne
w li
ne is
form
ulat
ed a
s fo
llow
s.
• C
alc
ula
tio
n o
f em
issi
ons
in t
he
refe
rence
sce
nari
o (
wit
ho
ut
pro
ject
):–
estim
atio
n of
the
tra
ffic
, for
eac
h m
ode
of t
rans
por
t, o
f pas
seng
ers
and
goo
ds
runn
ing
on
the
rout
e im
pac
ted
by
th
e ne
w li
ne p
roje
ct;
– tr
affic
fore
cast
on
the
long
ter
m;
– ap
plic
atio
n of
em
issi
on fa
ctor
s
for
diff
eren
t ty
pes
of t
raff
ic a
nd t
heir
evol
utio
n (fo
r ex
amp
le: g
CO
2/km
fo
r p
rivat
e ca
rs).
• C
alc
ula
tio
n o
f em
issi
ons
in
the p
roje
ct s
cenari
o:
– es
timat
ion
of t
he t
raff
ic r
unni
ng o
n
the
new
line
and
its
orig
in (o
ther
rai
l se
rvic
es, m
odal
shi
ft, t
raff
ic in
duc
tion)
;–
traf
fic fo
reca
st o
n th
e lo
ng t
erm
;–
app
licat
ion
of e
mis
sion
fact
ors
for
diff
eren
t ty
pes
of t
raff
ic a
nd t
heir
evol
utio
n (fo
r ex
amp
le: g
CO
2/kW
hof
the
Fre
nch
elec
tric
ity m
ix).
The
diff
eren
ce in
em
issi
ons
bet
wee
n
the
two
scen
ario
s is
the
vol
ume
of a
void
ed e
mis
sion
s d
ue t
o th
e ne
w
rail
line
over
the
ser
vice
life
of i
ts r
ail
equi
pm
ent
(fort
y ye
ars,
leve
l of
unc
erta
inty
is t
oo h
igh
bey
ond
).
PR
OJE
CT
LE
NG
TH
(LIN
ES,
C
ON
NE
CTI
ON
S)
CO
ST (
€M
)G
HG
EM
ISSIO
NS
(BIL
AN
CA
RB
ON
E®)
TO
TAL
OF
WH
ICH
F
INA
NC
ED
B
Y
SN
CF
R
ÉS
EA
U
OF
WH
ICH
F
INA
NC
ED
B
Y G
RE
EN
B
ON
DS
2
01
6
THO
USA
ND
T
CO
2EQ
THO
USA
ND
T
CO
2EQ
PER
KM
T C
O2E
QP
ER
€M
IN
VE
STE
D
THO
USA
ND
T
CO
2EQ
A
LLO
CA
TED
TO
TH
E
GR
EE
N
BO
ND
S
2016
AB
CD
EF
=E
/AG
=E
/BH
=D
*G
EST
2L:
10
7 k
mC
: 9 k
m2,1
91
580
14
1,0
49
9479
7
BP
LL:
18
2 k
mC
: 32 k
m3,3
80
1,4
35
53
1,3
50
6400
21
SE
AL:
30
2 k
mC
: 38 k
m 7
,54
62,0
98
73
1,6
71
5221
16
CN
ML:
60
km
C:
20 k
m2,2
91
465
36
621
8271
10
TO
TAL
L:
65
1km
C:
99
km
15
,40
84
,57
81
76
4,6
91
63
04
54
CA
RB
ON
FO
OTP
RIN
T O
F N
EW
LIN
E P
RO
JE
CTS
42
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
43
GLO
BA
L O
VE
RV
IEW
The
tota
l car
bon
imp
act
allo
cate
d t
o ex
pen
ses
finan
ced
by
the
Gre
en B
ond
s 20
16 is
ob
tain
ed b
y ad
din
g:
- th
e ca
rbon
imp
act
allo
cate
d t
o
exp
ense
s fin
ance
d b
y G
reen
Bon
ds
fo
r th
e re
new
al p
roje
cts
(cat
egor
y 1)
;-
the
carb
on im
pac
t al
loca
ted
to
exp
ense
s fin
ance
d b
y G
reen
Bon
ds
for
new
rai
l lin
e p
roje
cts
(cat
egor
y 2)
;
Ther
efor
e, in
tot
al, t
he e
xpen
ses
fin
ance
d b
y th
e G
reen
Bon
ds
2016
re
duc
e th
e G
HG
em
issi
ons
of t
he t
rans
por
t sy
stem
by
2.9
mill
ion
tons
eq
uiva
lent
CO
2.
The
carb
on im
pac
t of
the
SN
CF
Rés
eau
Gre
en B
ond
s 20
16 is
eq
uiv
ale
nt
to
the c
arb
on f
oo
tpri
nt
of
ap
pro
xim
ate
ly
6,0
00
Fre
nch
cit
izens
ove
r fo
rty
years
.
TO
TAL C
AR
BO
N I
MPA
CT O
F T
HE
EX
PE
NSE
S F
INA
NC
ED
B
Y G
RE
EN
BO
ND
S A
S O
N 3
1 D
EC
EM
BE
R 2
01
6
RE
NE
WA
L P
RO
JE
CT
S-
2,7
27,8
00 T
CO
2E
Q
NE
W R
AIL
LIN
E P
RO
JE
CT
S-
190,2
00 T
CO
2E
Q
TO
TAL
- 2,9
18,0
00 t
CO
2eq
ON
E S
TE
P F
UR
TH
ER
All
of t
he d
ocum
ents
rel
ated
to
this
G
reen
Bon
ds
pro
gra
mm
e (G
reen
Bon
ds
Fram
ewor
k, S
econ
d P
arty
Op
inio
n,
Clim
ate
Bon
ds
Initi
ativ
e ce
rtifi
catio
n,
pre
sent
atio
n of
Gre
en B
ond
inve
stor
s,
etc.
) are
ava
ilab
le o
n th
e SN
CF
Rés
eau
web
site
, in
the
sect
ion
“SR
I/G
reen
B
ond
s”:
sncf
-rese
au.f
r/fr
/fin
ance
-dura
ble
All
the
info
rmat
ion
conc
erni
ng
the
SNC
F R
ésea
u C
SR p
olic
y is
ava
ilab
le o
n th
e d
edic
ated
pag
es
of t
he S
NC
F R
ésea
u w
ebsi
te:
sncf
-rese
au.f
r/fr
/a-p
rop
os/
develo
pp
em
ent-
dura
ble
The
first
SN
CF
Rés
eau
resp
onsi
ble
ac
tivity
rep
ort
(201
6) is
ava
ilab
le a
t
flip
bo
ok.s
ncf
-rese
au.f
r/rs
e-2
01
6
All
the
CSR
rep
orts
, ind
icat
ors,
an
d m
etho
dol
ogie
s ca
n b
e ac
cess
ed
on t
he d
edic
ated
pag
e “R
epor
ts
and
ind
icat
ors”
: sn
cf-r
ese
au.f
r/fr
/rap
po
rts-
et-
ind
icate
urs
Con
tact
:sn
cf.r
ese
au.invest
isse
urs
@ré
seau.s
ncf
.fr
44
SNC
F R
ÉSEA
U
GR
EEN
BO
ND
S R
EPO
RT 2
016
45
DIS
CLA
IME
R
This
do
cum
ent
is b
ein
g f
urn
ished
to
yo
u s
ole
ly f
or
your
info
rmat
ion o
n a
co
nfid
enti
al b
asis
and
m
ay n
ot
be r
ep
rod
uce
d, re
dis
trib
ute
d o
r p
asse
d o
n, in
who
le o
r in
par
t, t
o a
ny
oth
er
pers
on.
Th
is d
ocu
ment
do
es
no
t co
nst
itute
or
form
par
t o
f an
y so
licit
atio
n,
off
er
or
invi
tati
on t
o p
urc
has
e o
r su
bsc
rib
e
for
any
secu
riti
es
issu
ed
by
SN
CF R
ése
au a
nd
neit
her
it n
or
any
par
t o
f it
shal
l fo
rm t
he b
asis
of,
or
be r
elie
d
up
on in
co
nnect
ion w
ith, an
y co
ntr
act
or
com
mit
ment
what
soeve
r. A
cco
rdin
gly
, it
is n
ot
dir
ect
ed
to
the s
peci
fic
inve
stm
en
t o
bje
ctiv
es,
fin
anci
al s
itu
atio
n o
r p
arti
cula
r need
s o
f an
y re
cip
ient.
Yo
u s
ho
uld
co
nsu
lt w
ith y
our
ow
n le
gal
, re
gula
tory
, ta
x, b
usi
ness
, in
vest
ment,
fin
anci
al a
nd
acc
ounti
ng
ad
vise
rs t
o t
he e
xtent
that
yo
u d
eem
it
ne
cess
ary,
and
mak
e y
our
ow
n in
vest
ment,
hed
gin
g a
nd
tra
din
g d
eci
sio
ns
(incl
ud
ing
deci
sio
ns
reg
ard
ing
the
suit
abili
ty o
f an
in
vest
ment
in S
NC
F R
ése
au s
ecu
riti
es)
bas
ed
up
on y
our
ow
n j
ud
gm
ent
and
ad
vice
fro
m s
uch
ad
vise
rs a
s yo
u d
eem
nece
ssar
y an
d n
ot
up
on a
ny
view
exp
ress
ed
in t
his
do
cum
ent.
No
rep
rese
nta
tio
n o
r w
arra
nty
, exp
ress
or
imp
lied
, is
mad
e a
s to
, an
d n
o r
elia
nce
may
be p
lace
d f
or
any
pu
rpo
ses
what
soe
ver
on,
the f
airn
ess
, ac
cura
cy,
com
ple
teness
or
corr
ect
ness
of
the i
nfo
rmat
ion o
r o
pin
ions
con
tain
ed
here
in.
No
ne o
f SN
CF R
ése
au,
or
any
of
its
affilia
tes,
ad
vise
rs o
r re
pre
senta
tive
s sh
all
hav
e a
ny
liab
ility
what
soeve
r (in
neg
ligence
or
oth
erw
ise)
for
any
loss
ho
wso
eve
r ar
isin
g f
rom
any
use
of
this
do
cum
ent
or
its
co
nte
nts
or
oth
erw
ise a
risi
ng
in c
onnect
ion w
ith t
his
do
cum
ent.
Cert
ain S
tate
ments
in t
his
do
cum
ent
are f
orw
ard
-loo
king
, in
clud
ing
Sta
tem
ents
co
nce
rnin
g S
NC
F R
ése
au’s
pla
ns,
o
bje
ctiv
es,
go
als,
str
ateg
ies,
futu
re e
vents
, fu
ture
reve
nues
or
perf
orm
ance
, ca
pital
exp
end
iture
s, f
inan
cing
need
s,
pla
ns
or
inte
ntio
ns
rela
ting
to
acq
uis
itio
ns,
co
mp
etitive
str
eng
ths
and
weak
ness
es,
busi
ness
str
ateg
y an
d t
he t
rend
s SN
CF R
ése
au a
ntici
pat
es
in t
he i
nd
ust
ries
and
the p
olit
ical
and
leg
al e
nvi
ronm
ent
in w
hic
h i
t o
pera
tes
and
oth
er
info
rmat
ion t
hat
is
no
t his
torica
l in
form
atio
n.
By
their n
ature
, fo
rwar
d-lo
oki
ng
Sta
tem
ents
invo
lve i
nhere
nt
risk
s an
d u
nce
rtai
nties,
bo
th g
enera
l an
d s
peci
fic,
and
ris
ks e
xist
that
the p
red
ictio
ns,
fo
reca
sts,
pro
ject
ions
and
oth
er
forw
ard
-loo
king
Sta
tem
ents
will
no
t b
e a
chie
ved
. SN
CF R
ése
au d
oes
no
t m
ake a
ny
rep
rese
nta
tio
n,
war
ranty
or
pre
dic
tio
n t
hat
the r
esu
lts
antici
pat
ed
by
such
fo
rwar
d-lo
oki
ng
Sta
tem
ents
will
be a
chie
ved
, an
d s
uch
fo
rwar
d-
loo
king
Sta
tem
ents
rep
rese
nt,
in e
ach c
ase,
only
one o
f m
any
po
ssib
le s
cenar
ios
and
sho
uld
no
t b
e v
iew
ed
as
the
mo
st l
ikely
or
stan
dar
d s
cenar
io.
Such
fo
rwar
d-lo
oki
ng
Sta
tem
ents
sp
eak
only
as
of
the d
ate o
n w
hic
h t
hey
are
mad
e.
Any
op
inio
ns
exp
ress
ed
in t
his
do
cum
ent
are s
ub
ject
to
chan
ge w
itho
ut
no
tice
and
SN
CF R
ése
au d
oes
no
t und
ert
ake a
ny
ob
ligat
ion to
up
dat
e o
r re
vise
any
forw
ard
-loo
king
Sta
tem
ent,
wheth
er as
a resu
lt o
f new
info
rmat
ion,
futu
re e
vents
or
oth
erw
ise. N
ot
for
dis
trib
utio
n in
to t
he U
nited
Sta
tes.
In t
he U
nit
ed
Kin
gd
om
, th
is d
ocu
ment
is b
ein
g d
istr
ibute
d o
nly
to
, an
d i
s d
irect
ed
at
(a)
pers
ons
who
hav
e
pro
fess
ional
exp
eri
ence
in m
atte
rs r
ela
ting
to
inve
stm
ents
fal
ling
wit
hin
art
icle
19(5
) of
the F
inan
cial
Serv
ices
And
M
arke
ts A
ct2000 “
FSM
A”
(Fin
anci
al P
rom
oti
on)
Ord
er
2005 (
the “
Ord
er”
) o
r (b
) hig
h n
et
wo
rth e
nti
ties
falli
ng
w
ithin
art
icle
49 o
f th
e O
rder,
and
oth
er
pers
ons
to w
ho
m i
t m
ay b
e l
awfu
lly b
e c
om
munic
ated
or(
c) q
ual
ified
in
vest
ors
as
defin
ed
in s
86(7
) o
f th
e F
SM
A (
all
such
pers
ons
tog
eth
er
bein
g r
efe
rred
to
as
“Rele
vant
Pers
ons”
).
Any
pers
on w
ho
is n
ot
a R
ele
vant
Pers
on s
ho
uld
no
t ac
t o
r re
ly o
n t
his
do
cum
ent
or
any
of
its
conte
nts
.
In F
rance
, th
is d
ocu
ment
will
be n
ot
dis
trib
ute
d o
r ca
use
d t
o b
e d
istr
ibute
d a
nd
will
no
t b
e d
istr
ibute
d o
r ca
use
d
to b
e d
istr
ibute
d t
o t
he p
ub
lic i
n F
rance
, an
d a
ny
dis
trib
uti
on o
f th
is d
ocu
ment
hav
e b
een a
nd
will
be m
ade i
n
Fra
nce
only
to
(a)
pro
vid
ers
of
inve
stm
ent
serv
ices
rela
ting
to
po
rtfo
lio m
anag
em
ent
for
the a
cco
unt
of
third
p
arti
es,
and
/or
(b)
qual
ified
inve
sto
rs (
inve
stis
seurs
qual
ifiés)
, o
ther
than
ind
ivid
ual
s, a
ll as
defin
ed
in,
and
in
acco
rdan
ce w
ith, A
rtic
les
L.411-1
, L.
411-2
, an
d D
.411-1
to
D.4
11-3
of
the F
rench
Co
de m
onéta
ire e
t fin
anci
er.
This
do
cum
ent
is a
n a
dve
rtis
em
ent
and
no
t a
pro
spect
us
for
the p
urp
ose
s o
f ap
plic
able
meas
ure
s im
ple
menting
D
irect
ive
2003/7
1/E
C (
“Pro
spect
us
Dire
ctiv
e”)
. N
either
this
do
cum
ent
no
r an
y co
py
there
of
may
be t
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46
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