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This study aimed to estimate the reduction of CO2 emission resulting from the development of the Seoul Metro project, which was partly funded by Yen-loan, based on the methodology developed in the previous study, as well as aiming to improve the methodology of this estimation of CO2 reduction. The study targeted Lines 1-8 of the Seoul Metro. The methodology of estimating CO2 emission reduction consisted of two major parts: (i) estimating CO2 emission from railway construction, operation and maintenance, and (ii) estimating CO2 emission reduction from road transport.