Borrowing programme

Prudent borrowing is an important source of financing and supports our capital investment programme, enabling us to make vital improvements to our network

Public market borrowing programmes

Investment in Transport for London can be made through either of our 2 public market borrowing programmes:

  • A £5bn Medium Term Note (MTN)
  • A £2bn Commercial Paper (CP)

Related documents are the MTN and CP programmes page.

Green Financing

We have a key role in shaping what life is like in London. We're committed to creating a fairer, greener, healthier and more prosperous city. The Mayor's Transport Strategy sets a target for 80% of all journeys to be made on foot, by cycle or using public transport by 2041. By improving and expanding public transport, we can make people's lives easier and increase the appeal of sustainable travel.

We issued our debut sterling Green Bond in April 2015 to contribute to the financing of 5 eligible green project categories, as detailed in our 2015 Green Bond framework. DNV GL Business Assurance Services Limited (DNV GL) provided a second party opinion of the 2015 Green Bond framework, including an assessment of the alignment with the Green Bond principles and a review of the environmental benefits of the eligible green project categories.

We expanded on our 2015 Green Bond framework with a new Green Bond framework in February 2020. This framework is in accordance with the ICMA Green Bond Principles 2018.

We engaged Sustainalytics to provide a second party opinion on the new Green Bond framework to confirm its alignment with those principles.

Green Bond Framework 2020

Any reports issued in relation to the 2020 Green Bond framework will be published here.

Green Bond Framework 2015

We publish a TfL Health, Safety and Environment report  on an annual basis. We have also published a management assertion on the use of proceeds in relation to the TfL 2.125% Notes Due 24 April 2025.