Verification Report for Pre-Issuance Certification of the Green Bond Programme to be launched by SNCF Réseau

This verification report, produced by oekom research, confirms that SNCF Réseau's Green Bond Programme aligns with the Climate Bond Standard Version 2.0 and the Low Carbon Land Transport eligibility criteria for pre-issuance certification.

• oekom research conducted limited assurance procedures and found no evidence of non-conformance with the Climate Bond Standard's requirements, specifically the Climate Bond Standard Version 2.0 pre-issuance criteria and the Low Carbon Land Transport guidance.
• SNCF Réseau's project selection process involves defined environmental objectives and eligibility criteria that comply with Part B of the Climate Bond Standard. The company has implemented a process to prevent the double nomination of projects and maintains an internal list of nominated projects.
• The Green Bond Programme aims to (re-)finance low carbon rail transportation. For 2016, the forecasted financing requirements are approximately EUR 2.8 billion, which exceeds the expected net proceeds of EUR 0.5-1 billion.
• SNCF Réseau has established internal controls to track proceeds via an internal IT system with annual allocation reviews. Temporarily unallocated proceeds will be held in cash, cash equivalents, bank deposits, or monetary funds managed under a responsible investment approach.
• The issuer has committed to pre-issuance disclosures regarding CBI investment areas, temporary investment instruments, and its application for CBI verification. Additionally, SNCF Réseau plans to conduct periodic assurance engagements to maintain conformance with the Climate Bonds Standard.

APA

Climate Bonds Initiative (2016). Verification Report for Pre-Issuance Certification of the Green Bond Programme to be launched by SNCF Réseau. https://www.climatebonds.net/files/drupal-files/files/20161018_SNCF_oekom_CBI_pre-issuance-verification.pdf

Chicago

Climate Bonds Initiative. Verification Report for Pre-Issuance Certification of the Green Bond Programme to be launched by SNCF Réseau. 2016. https://www.climatebonds.net/files/drupal-files/files/20161018_SNCF_oekom_CBI_pre-issuance-verification.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Verification Report for Pre-Issuance Certification of the Green Bond Programme to be launched by SNCF Réseau |date=18 October 2016 |url=https://www.climatebonds.net/files/drupal-files/files/20161018_SNCF_oekom_CBI_pre-issuance-verification.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2016verification, author = {{Climate Bonds Initiative}}, title = {{Verification Report for Pre-Issuance Certification of the Green Bond Programme to be launched by SNCF Réseau}}, institution = {Climate Bonds Initiative}, year = {2016}, month = oct, url = {https://www.climatebonds.net/files/drupal-files/files/20161018_SNCF_oekom_CBI_pre-issuance-verification.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }