EIB advisory support for Turku tramway studies

Turku Tramway Ltd. and the European Investment Bank (EIB), the EU’s climate bank, have agreed on advisory support to study the positive climate impact of the tramway, the potential for green financing and the costs of similar EU projects.  

The agreement enables three further studies to be carried out. The carbon handprint of the Turku tramway – its positive climate impact – is assessed using the calculation method developed by VTT Technical Research Centre of Finland and LUT University. Green financing and funding sources are examined in terms of their potential to support the tramway project. In addition, an analysis will be carried out to compare the costs of the Turku tramway with those of EIB-funded tramway projects.  

Through its expertise and advisory support, the EIB contributes to ensuring that the project aligns with both EU climate objectives and market-based green financing practices. The studies will be carried out in cooperation with EIB specialists and external consultants. The results will be mostly ready towards the end of 2025. 

“We are very happy about this agreement. The Turku tramway is an interesting investment opportunity, and the studies provide a better information base for deciding on the tramway,” says Minna Tontti, Environmental and Sustainability Manager of Turku Tramway Ltd. 

Turku is one of the cities in the EU’s 100 Climate-Neutral and Smart Cities mission and is aiming for carbon neutrality by 2029. Developing sustainable mobility is an important part of the carbon neutrality objective. 

“Reducing carbon dioxide emissions from transport is a key part of Turku’s objectives. EIB-funded studies will provide more precise information on the impact of the tramway,” says Risto Veivo, Director of Climate and Green Transition of the City of Turku. 

The tramway is in the final planning phase ahead of potential construction. In addition to the preliminary street plans, construction schedule and costs, the implementation plan will include the effects of the tramway construction on the climate and nature, as well as an environmental plan for the implementation.  

The support from the EIB is provided through the InvestEU Advisory Hub, which assists public and private project promoters across the EU in developing sustainable, investment-ready projects. 

For more information, contact

• Minna Tontti, Turku Tramway Ltd., Environmental and Sustainability Manager, +358 40 160 2650, minna.tontti@turunraitiotie.fi 
• Risto Veivo, City of Turku, Director of Climate and Green Transition, +358 50 559 0417, risto.veivo@turku.fi