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Green Bonds Reporting 2019 Contents 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. and non-transferable shareholding has generated a turnover of 6.5 billion 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.
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