GREEN BONDS REPORTING 2019 CONTENTS
01 INTRODUCTION 02 ECOLOGICAL TRANSITION 04 ALLOCATION 05 REPORTING AND TO SNCF RÉSEAU AND RAIL INFRASTRUCTURE OF NET PROCEEDS METHODOLOGY OF THE GREEN BONDS P.06_SNCF RÉSEAU P.10_THE “CLIMATE” P.22_STRUCTURE OF PROGRAMME INDICATORS AND THE FRENCH BENEFITS OF RAIL IN THE FIGHT THE SNCF RÉSEAU GREEN RAILWAY NETWORK AGAINST CLIMATE CHANGE BONDS PROGRAMME P.30_MAP OF PROJECTS FINANCED 2018 BY THE GREEN _A CREDIT RISK _THE SNCF RÉSEAU P.07 P.12 P.22_PREPARATION OF THE BOND 2019 ISSUE EQUIVALENT TO THAT CARBON APPROACH SNCF RÉSEAU GREEN BONDS OF THE FRENCH STATE PROGRAMME _MAP OF PROJECTS P.12_EMISSIONS CALCULATION P.31 METHOD FINANCED 2019 BY THE GREEN P.23_CATEGORIES BOND 2019 ISSUE P.13_SNCF RÉSEAU OF ELIGIBLE PROJECTS EXTRA-FINANCIAL RATINGS P.32_DETAILED REPORT P.24_THE ALLOCATION PER CATEGORY IN DETAIL P.34_CATÉGORY 1 03 SNCF RÉSEAU’S P.25_DESCRIPTION OF Investments in maintenance, “GREEN BONDS FUNDING” THE FUND MANAGEMENT modernisation and energy POLICY efficiency projects of the rail P.16_A “CLIMATE BONDS INITIATIVE” CERTIFIED ISSUE system P.26_AUDITORS ASSURANCE REPORT P.18_GREEN EMISSIONS P.35_GLOBAL OVERVIEW DU GROUPE SNCF RÉSEAU P.36_ONE STEP FURTHER
2 SNCF RÉSEAU GREEN BONDS REPORTING 2019 3 01
As a creator of connections, INTRODUCTION SNCF Réseau is a service provider whose function is to manage railway TO SNCF RÉSEAU infrastructure in France. It caters to maintenance requirements and allocates network capacity among the many rail sector players, working in the general interest and in response to the energy transition challenge.
Tram at Villetaneuse-Université station
4 SNCF RÉSEAU GREEN BONDS REPORTING 2019 5 TURNOVER PER – An opening-up to competition, from SNCF RÉSEAU AND A CREDIT RISK 1/01/2020 on competitive activities THE FRENCH RAILWAY BUSINESS LINE IN 2019 EQUIVALENT TO THAT (TAGV and intercity), and gradually NETWORK OF THE FRENCH STATE between 2023 and 2039 on the 36% activities covered by the agreements TER (TER, Transilien). SNCF Réseau owns and manages Until 31 December 2019, – The ending of EPIC status for that the French national rail network. 2% as a 100% State-owned public entity, of SA with public capital. SNCF Réseau benefits from the strong – A debt assumption of €35bn divided into Freight SNCF Réseau’s main responsibilities: support of the French State based two tranches, the first on 1 January 2020 – ensuring fair access to the rail network 9% on its legal status (EPIC). (€25bn), the second in 2022 (€10bn). for 29 rail transport companies and – As an EPIC, SNCF Réseau: is not subject – Increased productivity efforts at the 12 regional transport authorities; Other to private-sector bankruptcy law; level of SNCF Réseau SA activity. – organising and developing rail traffic: – could only be dissolved by an amending 15,000 trains circulate daily, law transferring its rights and obligations 13% In any case, SNCF Réseau: transporting more than 5 million to another public entity. – performs a public sector mission and passengers per day; Transilien 6.5 enjoys a natural monopoly position – ensuring the maintenance and enhan- BILLION EUROS As a result of the June 2018 railway with no risk of deregulation; cement of the network SNCF Réseau is reform, this situation changed with – has been included on the “Government one of the leading investors in France effect from 1 January 2020. Related Entity” list by the European 40% with 3.0 billion euros invested in 2019; For SNCF Réseau, the main changes commission since 2002 and is eligible – ensuring the development of the High-speed trains are as follows: for the ECB Public Sector Purchasing & Intercity trains network. – The transformation of SNCF Réseau Programme. into a public limited company (SA) – SNCF Réseau has been considered With its 53,800 employees, SNCF Réseau with a 100% indirect State-owned as an ODCA since 2019. has generated a turnover of 6.5 billion and non-transferable shareholding As such, its debt is consolidated in euros with an operating margin (EBITDA - (enshrined in the law). that of the French State in the terms earnings before interest, tax, depreciation TRAFFIC IN 2019 – The transfer of the Stations & of Maastricht’s standards. and amortisation) of 1.9 billion euros and Connections activity (station a net result of -0.6 billion euros in 2019. 54% management) to SNCF Réseau SA. Regional trains (TER and Transilien)
5% RATING AGENCIES LONG TERM SHORT TERM Freight 5% Standard & Poor’s AA A-1+ Intercity trains Moody’s Aa2 P-1 9% Fitch AA F1+ Other 442 MILLION TRAINS- 27% KILOMETRES High-speed trains
SNCF-Réseau learn more Standard & Poor’s Moody’s Ficth
6 SNCF RÉSEAU GREEN BONDS REPORTING 2019 7 02
As the most eco-friendly ECOLOGICAL mode of transport, TRANSITION AND railway transport has a critical role to play in the transition RAIL INFRASTRUCTURE to a low carbon economy.
Maintenance engineer
8 SNCF RÉSEAU GREEN BONDS REPORTING 2019 9 THE “CLIMATE” BENEFITS OF RAIL GHG EMISSIONS PER MODE OF TRANSPORT IN THE FIGHT AGAINST CLIMATE CHANGE TGV, Lyria, IDTGV, Ouigo 1.73 In France, rail transport, which accounts for 10% of traffic Train / RER IDF 4.1 (freight and passengers), emits less than 1% of all GHG emissions Intercites 5.29 from transport. Eurostar, Thalys, Alleo, Elipsos, Gala 4.7 to 7.2 TER 24.8 Passengers Long distance bus 35 Car, long-distance journey 88 Car, short-distance journey 138 BREAKDOWN PER SOURCE OF GHG EMISSIONS Plane, medium and short haul flights 141 1 (EXCLUDING LULUCF ) IN FRANCE IN 2017 Intercity bus 137
0 20 40 60 80 100 120 140 160 180 200 220 18.9% 10.9% Energy industry Grammes equivalent CO2 per passenger-km Agriculture
Rail 1.24 Electric - 28 Diesel 29.7% Transport 78.1% Maritime 32.5 River 35 Freight Energy 3% consumption 17.8% Manufacturing and Truck 152 Air 3,440 Waste material construction industry 0 20 40 60 80 100 120 140 160 180 200 220 3,000 3,500 19.7% Tertiary/Residential Grammes equivalent CO2 per tonne-km
Source : Methodological note GHG information for transport services 2019, ADEME 2020 carbon base. GHG EMISSIONS PER MODE OF TRANSPORT IN FRANCE AS A % (INCLUDING FOD)
19.3% 1.2% This can be explained by: Utility Two-wheelers – the low amount of energy needed Thus, any modal shift from air and road vehicles for rail traction (wheel-rail contact to rail is greatly beneficial to the GHG 2.8% French air vs tyre-road); emissions balance sheet, given that 21.4% transport – mass-transport; transport in France accounts for close Heavy goods – the high use of electricity (78% of trains to 30% of total GHG emissions of vehicles use electric traction), only 8% of which France (i.e. 134.1 MtCO2eq). 4.8% 1.7% River and maritime is generated by fossil fuels in France. Off-road transport Moreover, the advantages of rail vehicles transport are not limited to low levels 53.2% of CO2 emissions. There are other Private benefits such as lower air pollution, vehicles 0.3% Rail transport fewer accidents, optimised use of space, less noise and a lower negative biodiversity impact.
1. LULUCF: Land use, Land Use Change and Forestry. Source: Citepa, june 2017.
10 SNCF RÉSEAU GREEN BONDS REPORTING 2019 11 THE SNCF RÉSEAU CARBON APPROACH
Thanks to the emissions avoided by the Knowing the carbon impact of its activities This resulted in two new footprint ratios for The results obtained from this analysis are modal shift, rail transport is an essential contri- enables SNCF Réseau to build a prioritised the work carried out on the track and the used to refine the impact calculation butor to the climate policies implemented action programme to reduce direct and catenary. methodology by establishing a specific in France. The positive impact of its activity indirect emissions related to infrastructure emissions ratio for investments related to enables SNCF Réseau to guarantee a works : In 2018, SNCF Réseau carried out the carbon Rail Equipment Renewal operations. «carbon return» on its renovation invest- – By systematically carrying out carbon balance sheet of a Rail Equipment Renewal ments within about 5 years. assessments: in 2020, SNCF Réseau intro- operation at Austerlitz station. duced TUVALU, a carbon measurement Nevertheless, rail network maintenance is an tool adapted to rail projects; industrial activity, with high CO2eq emissions. – By developing eco-design: to reduce SNCF Réseau’s projects require materials the costs and CO2eq emissions of SNCF RÉSEAU whose production and transport are its projects, SNCF Réseau wants to scale accompanied by significant carbon emissions. its projects to meet its needs as closely EXTRA-FINANCIAL RATINGS To improve the environmental efficiency of as possible. the railway, SNCF Réseau has set itself the – By developing the circular economy: Reflecting this policy and CSR strategy, and ISS ESG, which have awarded target of reducing its energy consumption infrastructure materials account for the SNCF Réseau is monitored by two it the ratings given in the table below. by 20% and its carbon emissions by majority of the company’s emissions. extra-financial rating agencies, Vigeo 25% over the period 2015-2025. To reduce this impact, SNCF Réseau wants to reduce its supply of new products by To achieve this, SNCF Réseau has carried reusing or recycling its removed products. RATING RATING POSITION OF SNCF RÉSEAU out work to measure its CO2eq emissions From 2020, SNCF Réseau will set up a AGENCIES from all its activities. short loop to manufacture new rails from nd This initial analysis made it possible Vigeo 70/100 2 from a panel of 49 European companies rails that have been removed. in the logistics/transport sector. to identify the company’s main sources – By speeding up the energy transition of GHG emissions: of road and rail vehicle fleets: ISS-ESG B- 2nd rom a panel of 45 Global companies – Manufacturing the materials needed to SNCF Réseau is looking for alternatives in the transport infrastructure management sector. maintain and renovate the rail network ; to combustion engines. – Activities of the work providers; – Energy consumption of buildings; – Energy consumption of rail and road The rating obtained from Vigeo for developed comprehensive measures vehicle fleets, etc. the environmental aspect (73/100) is such as programmes to reduce local accompanied by the following comment: pollution, in order to uphold its commitment to this issue” “SNCF Reseau’s absolute performance in the Environment domain is advanced, The latest ratings reports from EMISSIONS in line with the previous review. these two agencies are available The Company’s environmental strategy on the SNCF Réseau website. CALCULATION METHOD covers all its responsibilities in terms of environmental protection and To measure the carbon impact of projects As early as 2015, SNCF Réseau carried out comprehensive resources are allocated eligible for Green Bond funding, an initial Bilan Carbone® of a track renewal to environmental management, including SNCF Réseau uses extrapolation values project (RVB) using a «Suite Rapide» factory ISO 14001 certification covering all its production sites (…). The Company’s per million euros (m€) invested. train (90 kms between Narbonne and Montpellier). energy consumption and CO2 emissions The ratios used for this extrapolation are normalised to sales have decreased likely to change from one year to the next, In 2017, a second Bilan Carbone® of RVB in the 2016-2018 period (…). Lastly, depending on the studies carried out by was carried out between Gevrey and concerning local pollution, the Company SNCF Réseau. Sennecey in «Suite Rapide». engages with external bodies and Vigeo ISS-ESG
12 SNCF RÉSEAU GREEN BONDS REPORTING 2019 13 03
A record year: SNCF RÉSEAU’S 3 billion «Green» euros raised “GREEN BONDS on markets including the first centenary Green Bond FUNDING” issue in the world
Pont de la Corde in Plouénan, Bretagne - Finistère - Morlaix Morlaix Roscoff line
14 SNCF RÉSEAU GREEN BONDS REPORTING 2019 15 A “CLIMATE BONDS INITIATIVE” CERTIFIED ISSUE
In 2019, SNCF Réseau, owner and manager In order to define the most stringent Due to their extreme granularity, In 2019, approximately 55% of of the French rail network, rated AA (S&P) standards in terms of green financing no projects eligible for Green Bonds in SNCF Réseau’s debt issues on the financial / Aa2 (Moody’s) / AA (Fitch), launched two and to thus become a global point of category 3 (biodiversity and natural markets were in Green Bond format. public issues of green bonds for a total of reference in the transport sector, the bond resources) were selected. Nevertheless, SNCF Réseau Green Bonds are included €2 billion with: issue launched by SNCF Réseau is in line SNCF Réseau funds a very large number in the Barclays MSCI Green Bonds Index. – In January, a €500m issue with the Green Bond Principles 2018 of projects every year to protect biodiversity with a 10-year maturity; (GBP) and has also been awarded and natural resources. – In June, a €1.5 billion issue Climate Bonds Initiative (CBI) certification, with a 17-year maturity. by ISS-ESG. Moreover, eligible projects in the first two categories generally include provisions for In addition, in August 2019, SNCF Réseau To reward the exceptional quality of its the protection of biodiversity and natural issued the market’s first centenary impact reporting, SNCF Réseau was resources. Green Bond. It is a private placement awarded a Green Bond Pioneer award of €100m and matures in 2119. by the Climate Bonds Initiative (CBI) in March 2019. This award recognises the Finally, in 2019, SNCF Réseau issued transparency and clarity with which SNCF several of its Green Bonds to the amount Réseau communicates with its investors. of €950m. Already rewarded for its 2016 issue, this is TYPOLOGY AND GEOGRAPHICAL These include the following operations the second award that SNCF Réseau has DISTRIBUTION OF 2019 INVESTORS in particular: received for the publication of a Green – In April, the ‘2047’ bond was issued Bond impact report. 34% 1.7% 1.5% twice for €250m and €100m, followed Lastly, SNCF Réseau, as a member of in September by a €250m subscription; the GBP and the Finance for Tomorrow SRI investors Asia Scandinavia – In May, June and August, three issues initiative, by Paris Europlace fully 2.1% of the ‘2029’ bond for €100m each, 3.5% participates in the discussions and market Switzerland followed in August by a fourth issue developments of Green Bonds. Others of €50m. 5.5% SNCF Réseau is also a founding member Netherlands In line with its commitment to becoming of the Corporate Forum for Sustainable 8.4% a benchmark on the Green Bonds market, Business. 40.8% SNCF Réseau has carried out, in less Italy than a year, 10 debt transactions in The proceeds from this green bond have France Green Bond format, for a total amount been used to finance the renovation of €3.05 billion, making it one of the of the structural network and develop largest 2019 issuers on the Green Bond new projects. market in France and worldwide. This is also a record for the company. 66% 14,2 % 22.2% Others United Kingdom Germany
16 SNCF RÉSEAU GREEN BONDS REPORTING 2019 17 SNCF RÉSEAU’S GREEN BONDS ISSUES IN MILLIONS OF EUROS (on 31 December 2019)
4,500
4,000 Green Bonds 3,500 2016 issues 2017 issues 2019 issues 3,000
2,500
2,000
1,500
1,000
500
0 2029 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2061 2062 2052 2060 2119 2115
€850M €1,350M Issue €50M Issue €250M Issue €100M Issue €100M Issue €100M Issue €250M Issue €100M Public issue €750M Public issue €500M
Public issue €900M
Public issue €1,000M
Public issue €1,500M Private placement €100M
18 SNCF RÉSEAU RAPPORT GREEN BONDS 2019 19 04
The revenue from Green Bond ALLOCATION issues was allocated to projects OF NET to renew and modernise PROCEEDS the structural network.
Between Villefranche-de-Conflent and Latour-Carol, the Gisclard Bridge, on the Yellow Train line
20 SNCF RÉSEAU GREEN BONDS REPORTING 2019 21 STRUCTURE OF THE SNCF RÉSEAU GREEN BONDS PROGRAMME
The green bonds issued by SNCF Réseau The 2016 version of the Green Bonds CATEGORIES The proceeds of the Green Bond were have the same characteristics as programme (Green Bond Framework) allocated to investments corresponding conventional bonds in terms of credit risk. is available on the SNCF Réseau OF ELIGIBLE PROJECTS to one of the following three categories. website. Nevertheless, they have some additional characteristics in terms of reporting The Second Party Opinion, issued by obligations, monitoring the correct ISS-ESG, confirms the compliance allocation of funds to eligible projects of the SNCF Réseau Green Bonds Category 1 INVESTMENTS RELATED Projects to renovate tracks and assessment of the environmental framework with the ICMA TO MAINTENANCE, UPGRADE and traction power supply impact of eligible projects. Green Bond Principles (2018). AND ENERGY EFFICIENCY infrastructure, and signalling OF THE RAIL SYSTEM system upgrades. The projects The 2019 version of this Second eligible for this category Party Opinion (SPO) is available necessarily concern investments PREPARATION on the SNCF Réseau website. for the renovation of the core Lastly, the SNCF Réseau Green Bonds network, consisting of the most OF THE SNCF RÉSEAU used and 100% electrified GREEN BONDS programme complies with with Low part of the network (lines in Carbon Transport Eligibility Criteria UIC groups 1 à 41). PROGRAMME (V1.0). established by the CBI. Oekom Research is also responsible for verifying CLIMATE BONDS the compliance of this alignment on behalf of the CBI. The 2017 version CERTIFIED BOND “ISSUE” of this certification awarded by ISS-ESG Category 2 INVESTMENTS RELATED Projects related to new lines is available on the SNCF Réseau TO NEW LINES AND LINES and line extensions, improving website. EXTENSIONS access to the network for Drawing on best market practices, passengers and freight the framework developed by mobility. For example SNCF Réseau is also based on the LGV Est européenne, 4 pillars structure developed in 2016 LGV SEA, LGV BPL, by the ICMA Green Bond Principles. LGV CNM...
Category 3 OTHER INVESTMENTS Projects related to the LINKED TO GLOBAL CLIMATE protection of biodiversity and CHANGE CHALLENGES, natural resources surrounding PROTECTION OF BIODIVERSITY AND NATURAL RESOURCES SNCF’s existing network.
1. The International Union of Railways (UIC) has established a method to classify lines depending on the traffic loads supported by the infrastructure as well as the type of traffic. Group UIC 1 corresponds to lines with very heavy loads, and at the opposite end of the scale, group UIC 9 corresponds to lines with very light loads. The main lines of the French railway network are in UIC groups 1 to 4. The major lines with lighter loads fall under UIC groups 5 and 6. The lines with low loads in the UIC groups 7 to 9 correspond to the regional network in general. SNCF-Réseau Green Bonds
22 SNCF RÉSEAU GREEN BONDS REPORTING 2019 23 THE ALLOCATION DESCRIPTION OF THE FUND IN DETAIL MANAGEMENT POLICY
The following table shows the allocation In 2017, SNCF Réseau reviewed SNCF Réseau has a very large portfolio This situation can be explained by of the issuance of Green Bonds for 2019 the rules for selecting assets eligible to of projects eligible to be financed by the absence of Green Bonds funding according to the three eligible investment be financed in the second category of its Green Bonds in 2019 (€3.4bn of raised on the markets during 2018. categories. the Green Bonds Programme: projects), so it has not been necessary “investments related to new lines and for SNCF Réseau to invest all the funds Définitions line extensions”. raised in 2019 in SRI vehicles (FCPs, SRI – «Real»: SICAVs, bank deposit certificates or bank all of the group’s equity investments. From 2018, SNCF Réseau will take balances). into consideration a project’s investments – The «Real Green Bonds» scope: without taking into account any delays amount of investments actually made. in settlement of its grants (acquired grants – «Green Bonds Allocation»: vs collected grants) to facilitate tracking TEMPORARY MANAGEMENT OF PROCEEDS (IN M€) allocation by category of revenues of net investments over time. from the year’s issues. & VALUE DATE
– «To be allocated»: Date amount of eligible investments not 7/4/19 8/13/19 8/14/19 10/2/19 10/7/19 12/24/19 12/31/19 yet financed in 2020. SICAV ISR 120 180 360 -240 -420 Investments CC 6 -6
SOUS-TOTAL 6 120 300 660 420 0.44 0.44
INVESTMENTS IN M€
2016 2017 2018 2019 Green bond Allocation To be Green bond Allocation To be Green bond Allocation To be Investments Green bond Allocation To be scope allocated scope allocated scope allocated scope allocated
Maintenance and upgrade 1,303 710 593 1,366 1,508 451 1,424 0 1,875 2,714 1,528 3,181 222 Tracks & switches 1,084 590 494 1,025 1,170 349 961 0 1,310 1,663 1,068 2,223 155 Signalling 183 100 83 197 215 65 233 0 298 362 269 530 37 Traction power supply infrastructure 36 20 16 36 40 12 151 0 163 165 126 271 19 Tunnels, bridges and Earthworks (Engineering) 0 0 0 108 83 25 79 0 104 171 64 157 11 Others 0 0 0 0 0 0 0 0 0 351 0 0 0 New lines and line extensions 176 176 0 225 226 – – 0 – 55 – 0 – LGV Est Phase 2 14 14 0 6 6 0 0 0 0 2 0 0 0 SEA 73 73 0 23 23 0 0 0 0 7 0 0 0 BPL 53 53 0 147 147 0 0 0 0 3 0 0 0 CNM 36 36 0 50 50 0 0 0 0 43 0 0 0 TOTAL 1,479 886 593 1,591 1,734 451 1,424 0 1,875 2,769 1,528 3,181 222
24 SNCF RÉSEAU GREEN BONDS REPORTING 2019 25 AUDITORS ASSURANCE REPORT
SNCF Réseau appointed KPMG to give The Guidelines comprise Independence Conclusion a independent assurance on selected the following documents: and quality control information disclosed in the green bond – the Green Bond Framework prepared We apply International Standard We believe that the evidence we have report. by SNCF Réseau and included in on Quality Control 1 and accordingly obtained is sufficient and appropriate the Second Party Opinion issued by maintain a comprehensive system of to provide a basis for our conclusion. Extract from the conclusion the non-financial rating agency quality control including documented of the KPMG assurance report: ISS-oekom prior to, and after the policies and procedures regarding Based on the procedures performed, In compliance with the engagement Green Bond issue; and compliance with ethical requirements, nothing has come to our attention that entrusted to us, we hereby provide a professional standards and applicable causes us to believe that the Verified limited assurance conclusion on whether – the methodological guide for legal and regulatory requirements. Information is not presented fairly in the information (hereinafter “the Verified the Green Bonds program “Evaluer the Annual Report, in all material respects, Information”) published in the Green l’impact carbone des investissements We have complied with the independence in accordance with the Guidelines, Bonds Report 2019 relating to the Green d’infrastructures ferroviaires - Septembre and other ethical requirements of including with regard to: Bonds issued by SNCF Réseau (hereinafter 2017” (hereinafter “the Methodological the Code of Ethics for Professional “the Annual Report”) has been presented, Note”) prepared by SNCF Réseau with Accountants issued by the International – compliance of the projects mentioned in all material respects, in accordance with the consulting firm Carbone 4 which Ethics Standards Board for Accountants. in paragraph “Table of Allocations” the Guidelines defined below. are available on SNCF Réseau’s website. on page 25 with the eligibility criteria defined by SNCF Réseau in its Green Bond Framework which comply with the criteria of the Climate Bond Standard; – allocation of proceeds from the Green Bonds to the eligible projects mentioned in paragraph “Table of MANAGEMENT’ RESPONSIBILITY WITH REGARD Allocations” on page 25; TO THE VERIFIED INFORMATION – the description of the proceeds management policy mentioned in paragraph “Description of the fund VERIFIED INFORMATION RELEVANT SECTION OF THE ANNUAL REPORT RELEVANT SECTION OF THE GUIDELINES management policy” on page 25;
Project compliance with § “Allocation Table” on part Green Bond Framework - – the “Total carbon impact of the the Green Bonds eligibility criteria which “04/ Allocation of net proceeds”, § “2.1 Use of Proceeds” expenses financed by Green Bonds as comply with the criteria of the Climate on page 25 of December 31st 2019” indicator Bond Standard mentioned in paragraph “Global overview” on page 35. Allocation of proceeds from the Green Bonds § “Allocation Table” on part “04/ Allocation Green Bond Framework - § “2.1 Use of to eligible projects of net proceeds”, on page 25 Proceeds” and § “2.3 Selection Process”
Description of proceeds § “Description of the fund management policy” Green Bond Framework - management policy on part “04/ Allocation of net proceeds”, § “2.4 Management of Proceeds” on page 25
Total carbon impact of the expenses Table of § “Global overview” on part Methodological Note financed by Green Bonds” indicator “05/ Reporting and methodology of the Green Bonds programme indicators”, on page 35
26 SNCF RÉSEAU GREEN BONDS REPORTING 2019 27 05
SNCF Réseau has developed REPORTING AND a specific method for measuring METHODOLOGY the impact of its rail network renewal and line creation policy, OF THE GREEN in terms of greenhouse gas emissions and protection BONDS PROGRAMME of resources. INDICATORS
TGV Est high-speed line
28 SNCF RÉSEAU GREEN BONDS REPORTING 2019 29 MAP OF PROJECTS 2018 FINANCED MAP OF PROJECTS 2019 FINANCED BY THE GREEN BOND 2019 ISSUE BY THE GREEN BOND 2019 ISSUE LONDRES LONDRES
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30 SNCF RÉSEAU GREEN BONDS REPORTING 2019 31 To measure the carbon impact of projects In 2019, the FETI* ratio has not changed. DETAILED REPORT eligible for Green Bond funding, The calculation of this ratio is mainly based PER CATEGORY SNCF Réseau uses extrapolation values on a catenary life cycle analysis (LCA) carried per million euros (€M) invested. out by SNCF Réseau. In order to take into In order to highlight the positive conse- – the calculation of the carbon footprint The large number of projects carried out account the CO2 emissions linked to the quences of the projects financed by its consists of establishing a summary of each year does not allow the company energy used, the organisation of the worksite issuance of Green Bonds, SNCF Réseau Greenhouse Gas emissions resulting to deal with the impact of each project on and the transport of the materials needed wished to quantify the impact of these from a line renewal or creation project3, a case-by-case basis. to replace the catenaries, the Catenary ratio uses the data from the RVB reference carbon projects in the fight against greenhouse gas according to existing carbon analysis Several extrapolation ratios per million emissions. To achieve this, SNCF Réseau, methods. balance. The modification of the reference euros invested are established to calculate RGB carbon balance between 2017 and in collaboration with Carbone 41, has the carbon footprint and carbon avoidance drafted a specific methodology2 that – the calculation of the emissions avoided 2016 has therefore changed the IFTE of renewal projects as well as new line catenary ratio. The latter increased establishes the principles and method by a line renewal or creation project projects. in 2017 from 86 tCO used to calculate the carbon impact consists of comparing the emissions 2eq/€M to of these projects. from the transport system in both The ratios used for this extrapolation 90 tCO2eq/€M. scenarios, one without the execution are likely to change from one year In 2019, the signalling ratio did not The carbon impact is obtained by of the project, and the other with it. to the next, depending on the studies change. The calculation of this ratio is based comparing the carbon footprint (emissions carried out by SNCF Réseau. on monetary emission factors, available on resulting from the project) with the As defined in the methodology, the the ADEME carbon base. emissions avoided (during the project carbon impact of projects financed by Green Bonds is calculated by subtracting Changes in ratios related operation phase): to the carbon footprint avoided emissions from emissions Green Bonds financing for renewal projects Evolution of the avoided emissions ratio generated by projects. The avoided emissions extrapolation ratio is is divided between track, catenary and based on the analysis of the modal shift of signalling works. financially representative renewal projects. In 2016, SNCF Réseau produced a first In 2017, 10 renewal projects were analyzed extrapolation ratio for its work, based on to construct this ratio. The calculation used CARBONE the Bilan Carbone® of a track renewal an average value for the consistency of the FOOTPRINT project (RVB) by a «Suite Rapide» factory projects analysed. The value of the ratio IMPACT train (90 kms between Narbonne and was 108 tCO2eq avoided/€M. OF RENEWAL Montpellier). The CO2eq impact of these 10 projects was PROJECT re-evaluated in 2019 to integrate the real EMISSIONS In 2017, the value of the Track ratio was modified compared to 2016, by taking into value of the consistency of the operations. CARBON IMPACT AVOIDED account the results of the Bilan Carbone® In addition, SNCF Réseau expanded OF THE PROJECTS its calculation base in 2019 with FINANCED BY THE of an RVB operation carried out between Gevrey and Sennecey. The Track ratio 16 additional projects. GREEN BOND CARBONE The new extrapolation ratio is therefore has increased from 361 tCO eq/€M FOOTPRINT 2 calculated on 26 renewal projects. to 456 tCO eq/€M. This difference IMPACT OF THE 2 The cumulative amount of these DEVELOPMENT of 95 tCO2eq/€M can be explained OF NEW RAIL LINE by a more precise measurement of 26 projects is approximately €1.2 billion. The extrapolation value used in 2019 PROJECTS certain RBV phases. EMISSIONS has therefore evolved from 108 to AVOIDED The carbon assessment carried out in 141 tCO2eq avoided/€M. 2018 on the Austerlitz Rail Equipment In 2020, SNCF Réseau wants to Renewal operation enabled SNCF Réseau consolidate this ratio by analysing to produce a new emissions ratio and to 1. Carbone 4 is an independent consulting firm specialised in low carbon strategy and adaptation to climate change. 10 additional projects. 2. This methodology is available at sncf-reseau.fr/fr/finance-durable. specify its method for calculating the carbon 3. The scope of this summary covers all direct and indirect emissions upstream and downstream of the works carried out, footprint. This new ratio has a value of but does not cover the operation and maintenance of the infrastructure in question. 88 tCO2eq/€M invested. * The FETI ratio: Fixed Electric Traction Installations.
32 SNCF RÉSEAU GREEN BONDS REPORTING 2019 33 CATEGORY 1 GLOBAL OVERVIEW INVESTMENTS IN MAINTENANCE, The total carbon impact allocated to Therefore, in total, the expenses MODERNISATION expenses financed by the Green Bonds financed by the Green Bonds 2019 reduce AND ENERGY 2019 is obtained by adding: the GHG emissions of the transport system – the carbon footprint of construction by 16.5 million tonnes equivalent CO2. EFFICIENCY PROJECTS projects; The carbon impact of the SNCF Réseau – the total emissions avoided by OF THE RAIL SYSTEM Green Bonds 2019 is equivalent to the projects financed by the 2019 the carbon footprint of approximately Green Bonds. 12,000 French citizens over forty years.
CARBON IMPACT OF THE RENEWAL TOTAL CARBON IMPACT OF THE EXPENSES FINANCED EXPENSES FINANCED BY GREEN BONDS BY THE GREEN BONDS 2019 (OVER FORTY YEARS)
Tracks Switches Traction Signalling Engieenring TOTAL Project carbon footprint 1,157,386 tCO2eq
Emissions avoided by Green Bonds financing – 18,331,293 tCO2eq EXPENSES FINANCED 1 805 418 271 530 157 3,181 BY GREEN BONDS 2019 (m€) Carbon impact (Footprint - Emissions avoided) CARBON FOOTPRINT (in thousand tonnes of tCO2eq) of Green Bonds financing – 17,173,907 tCO2eq ... ALLOCATED TO EXPENSES FINANCED 823 37 24 201 72 1,157 BY THE GREEN BONDS AVOIDED EMISSIONS (in thousand tonnes of tCO eq) OTHER IMPACTS OF EXPENDITURE FINANCED 2 BY THE 2019 GREEN BONDS ... ALLOCATED TO EXPENSES FINANCED 10,464 2,468 1,525 2,986 888 18,331 BY THE GREEN BONDS Category Indicators Results CARBON IMPACT (footprint - avoided emissions) (in thousand tonnes of tCO2eq) Investments Resource protection ... ALLOCATED in railway maintenance, TO EXPENSES FINANCED -9,641 -2,431 -1,501 -2,785 -816 -17,174 Percentage of recycled and reused rails 100% BY THE GREEN BONDS modernisation and energy efficiency projects Percentage of ballast reused in «Suite 30 à 50% Rapide» AVERAGE CARBON NEUTRALITY TIME 2.7 YEARS Volume of wooden sleepers 65,000 OF REPAIR PROJECTS recovered (tonnes)
Details of calculations, assumptions, estimations and extrapolations, as well as source data with their years, are available in the SNCF Methodological Guide “Evaluating the carbon impact of a Green Bonds programme dedicated to investors in railway infrastructure” available at www.sncf-reseau.fr
34 SNCF RÉSEAU GREEN BONDS REPORTING 2019 35 Find all the «Sustainable Finance» documentation on the SNCF Réseau website All of the documents related to this Green Bonds programme (Green Bonds Documentation related to our Green Bond Programme Framework, Second Party Opinion, etc.) are available on the SNCF Réseau website, sncf-reseau.com/en/entreprise/ ONE STEP in the section “SRI/Green Bonds” newsroom/sujet/green-bonds- sncf-reseau-pioneers
FURTHER All the information concerning the SNCF Réseau CSR policy is The SNCF Réseau CSR policy available on the dedicated pages of the SNCF Réseau website
sncf-reseau.com/en/promises
The SNCF Réseau CSR report (2018) The SNCF Réseau responsible activity report
sncf-reseau.com/fr/plaquette/ rapport-activite-responsable-2018
The SNCF Réseau Green Bonds programme methodology The Green Bonds methodology sncf-reseau.com/en/entreprise/ newsroom/sujet/green-bonds- sncf-reseau-pioneers
All CSR reports, indicators, and methodologies can be accessed All CSR reports on the dedicated page “Reports and indicators”
sncf-reseau.com/en/promises
36 SNCF RÉSEAU GREEN BONDS REPORTING 2019 37 DISCLAIMER
This document is being furnished to you Certain Statements in this document are of the Financial Services And Mar-kets serve any such restriction. Any failure to solely for your information on a confiden- forward-looking, including Statements Act 2000 “FSMA” (Financial Promotion) comply with these restrictions may consti- tial basis and may not be reproduced, re- concerning SNCF Réseau’s plans, ob- Order 2005 (the “Order”) or (b) high net tute a violation of the laws of any such distributed or passed on, in whole or in jectives, goals, strategies, future events, worth entities falling within article 49 of other jurisdiction. This document does part, to any other person. future revenues or performance, capi- the Order, and other persons to whom it not constitute or form a part of any offer tal expenditures, financing needs, plans may be lawfully be communicated or(c) or solicitation to purchase or subscribe for This document does not constitute or or intentions relating to acquisitions, qualified investors as defined in s86(7) securities in the United States. Securities form part of any solicitation, offer or in- competitive strengths and weaknesses, of the FSMA (all such persons together may not be offered or sold in the United vitation to purchase or subscribe for any business strategy and the trends SNCF being referred to as “Relevant Persons”). States absent registration or an exemp- securities issued by SNCF Réseau and Réseau anticipates in the industries and Any person who is not a Relevant Person tion from registration under the Securi- neither it nor any part of it shall form the the political and legal environment in should not act or rely on this document or ties Act. Neither this document nor any basis of, or be relied upon in connection which it operates and other information any of its contents. copy thereof may be retained by you or with, any contract or commitment what- that is not historical information. By their In France, this document will be not distri- reproduced, redistributed or passed on, soever. Accordingly, it is not directed to nature, forwardlooking Statements in- in whole or in part, to any other person. the specific investment objectives, finan- buted or caused to be distributed and will volve inherent risks and uncertainties, not be distributed or caused to be distri- By attending the presentation you agree cial situation or particular needs of any re- both general and specific, and risks exist to be bound by the foregoing restrictions. cipient. You should consult with your own buted to the public in France, and any that the predictions, forecasts, projections distribution of this document have been legal, regulatory, tax, business, invest- and other forward-looking Statements ment, financial and accounting advisers and will be made in France only to (a) will not be achieved. SNCF Réseau does providers of investment services relating to the extent that you deem it necessary, not make any representation, warranty to portfolio management for the account and make your own investment, hedging or prediction that the results anticipated of third parties, and/or (b) qualified inves- and trading decisions (including decisions by such forward-looking Statements will tors (investisseurs qualifiés), other than regarding the suitability of an investment be achieved, and such forward-looking individuals, all as defined in, and in accor- in SNCF Réseau securities) based upon State-ments represent, in each case, dance with, Articles L.411-1, L.411-2, and your own judgment and advice from such only one of many possible scenarios and D.411-1 to D.411-3 of the French Code advisers as you deem necessary and not should not be viewed as the most likely or monétaire at financier. upon any view expressed in this docu- standard scenario. Such forward looking ment. Statements speak only as of the date on This document is an advertisement and not a prospectus for the purposes of ap- No representation or warranty, express which they are made. Any opinions ex- pressed in this document are subject to plicable measures implementing Direc- or implied, is made as to, and no reliance tive 2003/71/EC (“Prospectus Directive”). may be placed for any purposes whatsoe- change without notice and SNCF Réseau does not undertake any obli-gation to up- Neither this document nor any copy ver on, the fairness, accuracy, comple- date or revise any forward looking State- thereof may be taken or trans-mitted or teness or correctness of the information ment, whether as a result of new informa- distributed, directly or indirectly, into the or opinions contained herein. None of tion, future events or otherwise. Not for United States or to a U.S. Person [as de- SNCF Réseau, or any of its affiliates, ad- distribution into the United States. fined in Rule 902 of Regulation S under visers or representatives shall have any the Securities Act of 1933, as amended liability whatsoever (in negli-gence or In the United Kingdom, this document (the “Securities Act”)]. The distribution of otherwise) for any loss howsoever ari- is being distributed only to, and is di- this document in other jurisdictions may sing from any use of this document or its rected at (a) persons who have profes- be restricted by law and persons into to contents or otherwise arising in connec- sional experience in matters relating to whose possession this document comes tion with this document. investments falling within article 19(5) should in-form themselves about, and ob-
38 SNCF RÉSEAU GREEN BONDS REPORTING 2019 39 Création & production : Toolsmachines’ Photos : Médiathèque SNCF SEPEMBRE 2020