The Rail Working Group warmly welcomes the European Commission’s new Communication “Connecting Europe through High-Speed Rail” (COM(2025) 903 final) and the Commission’s clear recognition of the Luxembourg Rail Protocol to the Cape Town Convention as a crucial instrument to stimulate private investment in rolling stock and support the delivery of Europe’s ambitious high-speed rail network.
The Commission acknowledges that its goal of a fully connected European high-speed rail network by 2040 cannot be achieved without substantial private capital, explicitly noting that ratification of the Luxembourg Rail Protocol by EU Member States will “further help stimulate investments in rolling stock.”
The Rail Working Group applauds this acknowledgement of the Protocol’s central role in creating the legal certainty necessary for large-scale, cross-border investment in railway equipment. It also looks forward to contributing actively in 2026 to the development of the planned ‘High-Speed Rail Deal’, described by the Commission as “a multilateral commitment to mobilise the investments needed for priority high-speed rail projects.”
In this context, the Rail Working Group invites the Commission to include it in the forthcoming strategic dialogue with Member States, infrastructure managers, promotional banks, investors, the rail supply industry, and railway undertakings.
“The inclusion of the Luxembourg Rail Protocol in the Commission’s strategy confirms what the industry has long known: that a robust, transparent international legal framework is essential to unlock private capital for Europe’s rail sector,” said Howard Rosen, Chairman of the Rail Working Group. “By giving lenders and lessors greater legal certainty, the Protocol makes rolling stock more bankable, and delivers private finance for rolling stock that is more affordable, more innovative and more widely available to operators—public and private alike.”
The Protocol establishes an international legal framework for the recognition and enforcement of security interests in railway rolling stock, making it a cornerstone of the EU’s emerging rail financing strategy. By introducing a uniform global unique numbering system for all types of rolling stock, an international public registry recording security interests and clear creditor rights, it reduces legal and financial risk, lowers the cost of financing, and broadens access to private investment.
Moreover, it lays the foundation for a dynamic cross-border operating leasing market, lowering barriers to entry for new operators while increasing flexibility for established ones. This is particularly relevant as several major European rail undertakings are now exploring operating lease models for their next generation of high-speed trains.
The Rail Working Group fully supports the Commission’s call on Member States to ratify the Luxembourg Rail Protocol without delay. Swift ratification will strengthen Europe’s capacity to deliver its high-speed rail network efficiently, sustainably, and with the full confidence of global financial markets.
