| Summary: | Railways are a low carbon way to access opportunities and move goods to markets. To realize the benefits of railways in low-and middle-income countries (LMICs), an estimated USD 25-80 billion of investment annually will be needed. Many organizations and investors want to support green activities and a variety of climate finance sources and instruments have been developed todo just that. However, railways have had limited success in accessing climate specific financing instruments. This report examines the experience in attracting financing from climate-specific financing instruments of railways in LMICs. The review encompasses private sector climate finance, whose resources could potentially meet the entire rail financing gap, as well as carbon markets, and other results-based climate finance and climate funds
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