Financing High-Speed rail

This is a pivotal moment in the development of high-speed rail (HSR) networks at the European and international levels. However, governments face increasing budgetary pressure, which makes 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 only grown 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 is aiming to present the ‘High Speed Rail Deal’ as a multilateral commitment to mobilise investment in Europe’s priority HSR projects. This initiative would provide investors with long-term certainty by clarifying EU and national commitments and paving the way for targeted regional dialogues to accelerate financing of 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 public-private partnerships and the emerging potential of regulated asset base frameworks. The 27th Florence Rail Forum, co-organised with the International Union of Railways (UIC), brought together international experts, policymakers and industry leaders to examine the evolving landscape of HSR financing. By providing a comparative evidence-based view of financing tools and governance models, the forum aimed to support informed decision-making and to contribute to a more sustainable financially-robust future for HSR worldwide. This policy brief summarises the key points discussed in the forum.