Denmark. Danish State Railways

Date of agreement:09 Nov 2020
Customer:Danish State Railways
Amount in EUR:EUR 400 million
Maturity:15 years
NACE sector / loan type:Transport via railways

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Clean transport solutions

Amount disbursed: EUR 400 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds


The loan has been provided to DSB (Danish State Railways), to finance the acquisition of 42 electric locomotives and more than 100 train sets and coaches.

The investment is part of a ten-year programme to replace the company’s ageing fleet to improve the service and to curb CO2 emissions down to zero by the year 2030. This represents a significant contribution to the Danish government’s carbon emission policy.

DSB is an independent, public state-owned enterprise under the Danish Ministry of Transport and Housing. It is the most important passenger traffic company in the country and provides regional train services, long-distance transport services and S-train services. The company’s total market share of rail traffic in Denmark amounts to approximately 75%.

Fulfilment of NIB's mandate


The investment is part of DSB’s efforts to modernise and develop the rail transport sector in Denmark. Rail transport forms a strategic part of the country’s public infrastructure. The acquisition of a new, electric train fleet will provide additional capacity in response to urbanisation and population growth. Moreover, the investment is expected to increase reliability and service quality, and lead to reduced travel times.


DSB’s fleet currently includes around 200 diesel locomotives and train sets. During 2020–2025, seventy of these will be phased out. The switch to electric locomotives alone will decrease the company’s direct scope 1 CO2 emissions by some 27,000 tons annually. Emissions of NOx are expected to decrease by some 456 tons per year, and particle emissions are estimated to be reduced by 10 tons or 60%. Further positive impacts are expected with new train sets coming into operation.

Indicators for expected impact of the investment:

  • Number of passengers per kilometre
  • Number of journeys
  • Reductions in travel time
  • Reduction of CO2 per year, split between scope 1 and scope 2 for rolling stock
  • Reduction of NOx annually
  • Increase in passenger volumes in persons/kilometre

Sustainability summary


No significant environmental aspects for the acquisition of rolling stock have been identified.


Press release

NIB finances electrified rail transport in Denmark

Press release

NIB finansierer elektrificeret jernbanetransport i Danmark

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