27th Florence Rail Forum: Financing High-Speed Rail

The 27th Florence Rail Forum brings together international experts, policymakers, and industry leaders to examine the evolving landscape of HSR financing.

The Forum, co-organised by the Transport Area of the Florence School of Regulation together with the UIC, will analyse financing models for High-Speed Rail, based on the Study prepared by FSR for the UIC, to be shared with the participants for comments during the forum, with the objective of drafting the final version.

This is a pivotal moment for the development of high-speed rail (HSR) networks at the European and international level. However, governments face increasing budgetary pressure, making the question of how to finance and deliver major rail projects more critical than ever. The European Commission’s Communication Connecting Europe through High-Speed Rail highlights HSR as a strategic driver of competitiveness, cohesion, job creation and climate action. Despite this potential, Europe is not progressing fast enough: high-speed traffic has grown only 17% since 2015, and major gaps remain, particularly in central and eastern Europe. Completing the TEN-T high-speed network by 2040 will require an estimated €345 billion. In 2026, the Commission aims to present the ‘High-Speed Rail Deal’ as a multilateral commitment to mobilise investment for Europe’s priority HSR projects. This initiative would provide long-term certainty to investors by clarifying EU and national commitments and paving the way for targeted regional dialogues to accelerate financing for strategic high-speed rail corridors. To meet these ambitions, HSR requires robust, sustainable, and innovative financing models. Drawing on global experience, it is possible to explore the strengths and limitations of public delivery models, the role of PublicPrivate Partnerships, and the emerging potential of Regulated Asset Base frameworks.

By providing a comparative, evidence-based view of financing tools and governance models, the event seeks to support informed decision-making and to contribute to a more sustainable, financially robust future for HSR worldwide.

The Forum will tackle the following questions:

• Improvements in Public Delivery (Rail funds, ETS, Corporate Finance): How can governments ensure predictable, long‑term funding cycles for HSR projects? What can be the role of transport/rail funds? What safeguards are needed to ensure ETS funds are devoted to high-speed rail? What role can corporate finance (e.g., green bonds) play in HSR?

• PPPs – Portugal, Czechia, and Tours–Bordeaux: In what scenarios is a PPP model preferable to traditional public procurement for HSR? How to derisk the projects? What are the defining features of the new HSRPPPs?

• RAB Models for High‑Speed Rail: What are the key advantages and challenges of applying a RAB model to HSR infrastructure? What lessons from other sectors are most relevant for rail RAB design? Is the institutional framework in rail ready to implement RAB?

Kindly note that this event is by invitation only.

At FSR, we actively work to achieve gender-balanced representation at all our events. As a platform that connects diverse voices and perspectives in the sector, we strongly value inclusive and gender-balanced panel debates and training courses.