Established in 1905, the Ferrovie dello Stato Italiane Group (FSI), 100% owned by the Ministry of Economy and Finance since 1992, creates and operates passenger and freight railway, road and motorway transport works and services. FSI is active in Italy and abroad. It also develops, operates and maintains railway and road network infrastructure. The group serves 750 million rail passengers each year by operating approximately 10,000 trains. The group operates through subsidiaries and is organised into four operating segments: Transport, Infrastructure, Real Estate Services and Other Services.
This green bond is issued to finance the purchase of new rolling stock for passenger travel and freight transport, to finance upgrades and refurbishment of existing rolling stock that make it more energy efficient and to finance the roll-out of infrastructure for electrified railway transport. The positive impact of these investments is twofold; railway transport is the least carbon-intensive mode of transport compared to car, truck, airplanes, shipping. So a better railway network facilitates a modal shift towards railway transport which avoids a lot of GHG emissions. Besides that, the new rolling stock or upgrading of existing rolling stock avoids GHG emissions compared to the existing rolling stock. The acquisition of new passenger rolling stock from previous green bonds avoided around 20% of GHG emissions compared to the existing rolling stock.