A substantial share of Fjellinjen’s projects in Oslopakke 3 is financed through green bonds. The Green Financing Framework reflects our strategic commitment to green transformation, supporting projects like the Fornebubanen metro line and extensive bicycle infrastructure.
Fjellinjen’s green financing framework, aligned with the ICMA Green Bond Principles and best market practices, drives sustainable infrastructure in Greater Oslo. Our green financing framework achieved a solid SQS2 rating from Moody's in their recognized Second Party Opinion (SPO). The framework is a clear testament to our strategic sustainability work.
Our Green Financing Framework outlines how we select, evaluate, and report on clean transportation projects funded by green bonds. The framework details selection criteria, management of proceeds, and reporting standards to ensure transparent and sustainable financing practices.
Our green financing framework, updated in May 2025, has achieved Moody's SQS2 rating with a high contribution to sustainability. This represents a clear advancement of our strategic sustainability work, which was first recognized in 2021 when CICERO classified our financing purposes in the coveted 'Dark Green' category, supplemented with a governance score of 'Fair'.
In March 2022, Fjellinjen issued its first green bond of NOK 500 million with a five-year maturity, listed on Nordic ABM. The funds were fully allocated to Oslopakke 3 projects, including the Fornebubanen metro line, a new Oslo Metro signalling system, and pedestrian and bicycle infrastructure. Notably, this financing enabled 5,551 meters of bicycle lanes in Oslo and 3,097 meters in Akershus, enhancing sustainable urban mobility.
| Category | Eligible Project type | Project | Allocated Proceeds July-December 2024 TNOK | Share of total used | New investment | Share of total investement | Geography |
|---|---|---|---|---|---|---|---|
| Clean Transportation | Railways and public transportation | Fornebu line | 126,669 | 25.3% | 100% | 0.4% | Akershus/Oslo |
| Clean Transportation | Railways and public transportation | Signalling system Oslo Metro | 34,400 | 6.9% | 100% | 2.7% | Akershus |
| Clean Transportation | Railways and public transportation | Signalling system Oslo Metro | 137,600 | 27.5% | 100% | 2.7% | Oslo |
| Clean Transportation | Railways and public transportation | Bicycle and pedestrian lanes | 201,331 | 40.3% | 100% | 31.4% | Oslo |
| Total | 500,000 |
The maximum cost limit for the Fornebu Line is 31.2 BNOK. Fjellinjen’s contribution in 2024 was 0.4% of this amount. When completed, the Fornebu Line is estimated to be able to transport 8,000 people per hour.
The new signalling system for the Oslo Metro has an estimated cost of 5.95 BNOK, and is scheduled to be completed in 2028. The new system is expected to increase hourly capacity from an average of 30 trains per hour to an average of 38 trains per hour, a capacity increase of 26.7%. A three-car train can accommodate 450 people, 8 trains extra will increase capacity by 3,600 passengers per hour.
In 2024, Fjellinjen provided 5.5% of this project’s total funding based on the maximum cost limit, which is equal to an increase of 196 passengers per hour. Based on 230 working days and two hours of peak capacity per day, in 2024, Fjellinjen contributed to an increased future annual peak passenger capacity of 90,160 passengers.
A budget of 642 MNOK was allocated to the construction of bicycle lanes in Oslo in 2024. During 2024, a total of 11,285 metres of bicycle lanes were built or refurbished in Oslo. Fjellinjen provided 31.4% of the funding, equal to 3,539 metres of completed bicycle lanes.
Our Green Bond Reports document how funds are allocated to sustainable transport projects and quantify their environmental impact. These reports provide transparent accounting of financed initiatives and verified metrics, allowing investors to track how their investments contribute to the green transition of the Oslo Metropolitan Area.
Fjellinjen’s green project portfolio enables continued issuance of green bonds. We advance Oslopakke 3’s vision of an efficient, sustainable transport system. This system prioritizes public transport, cycling, and walking. Oslopakke 3 extends to 2036 and is planned to continue until 2045.
