EUROFIMA's is based on the Green Bond Principles created by the International Capital Markets Association (ICMA) and follows the process of the five pillars as shown in the figure above. First, the is very narrowly defined with eligible Green Assets only contain electric locomotives, electric multiple units and coaches that produce zero CO2 emissions. The second step is the where EUROFIMA conducts a thorough assessment of the projects to be financed. Third, the assets financed by a Green Bond issuance are earmarked and tracked in order to report as per use of proceeds. With the yearly published as a fourth pillar, EUROFIMA quantifies the impact generated by its financings and publish a comprehensive report on the avoidance of greenhouse gases. An , in EUROFIMA's case Sustainalytics, provides a on the Framework and the process regarding the first four pillars.