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More climate-friendly railway through green bonds

In November 2019, the company Norske tog issued its first green bonds, totalling NOK 1.3 billion. The funds from the bond issue have been invested in 17 Class 75 electric train sets, based on Stadler’s FLIRT series.


The aim of the green bonds is to finance projects that contribute to the “green transition” by making the railways more climate-friendly. The loans will be used to finance investments in qualified projects dedicated to new electric trains and for improvements and upgrades to existing electric train materials.

The funds issued through green bonds in 2019 have been used to finance the acquisition of new fully electric Class 75 trains. Class 75 is a train set used for both local and regional trains in Norway. The train has a range of up to 200 km/h, the capacity to transport 561 passengers and a universal design.

Norske tog has prepared an impact and allocation report describing the company’s green investments and the climate impact of these investments. This is measured through the use of various indicators to highlight the increase in capacity and the extent of carbon emissions from alternative transport that can be avoided through the use of the new trains.

Norske tog is very happy to have completed and published its first Impact and allocation report in accordance with the company’s green framework. The issuing of green bonds has shown to be a popular initiative within the financial industry and has contributed to capacity growth for a climate-friendly railway and has had a positive impact on carbon emissions.

The full impact and allocation report can be read here.

Click here to read Norske Tog’s framework for green bonds.

Click here to read CICERO’s Second Opinion.