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

oekom research conducted a limited assurance review of SNCF Réseau's Green Bond Programme and found no evidence of non-conformance with the Climate Bond Standard Version 2.0 and the Low Carbon Land Transport eligibility criteria. The verification covered the selection of projects, internal processes and controls, and reporting requirements. SNCF Réseau intends to use the bond to (re-)finance low carbon rail transportation, with expected net proceeds between EUR 0.5 billion and 1 billion against forecasted financing requirements of approximately EUR 2.8 billion for 2016. The report confirms that SNCF Réseau has established processes for project eligibility, tracking of proceeds via an internal IT system, and plans for periodic assurance engagements.

• oekom research 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 intends to use the Green Bond Programme to (re-)finance low carbon rail transportation, with expected net proceeds of EUR 0.5-1 billion, which is within its forecasted 2016 financing requirements of approximately EUR 2.8 billion.
• The verification confirmed that SNCF Réseau has implemented a selection process for projects based on self-defined eligibility criteria and has a process to prevent the double nomination of projects.
• SNCF Réseau will track bond proceeds using an internal IT system with annual reviews of allocation, and will invest temporarily unallocated proceeds in cash, cash equivalents, bank deposits, or monetary funds managed via a responsible investment approach.

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} }