This case study of the Delhi-Mumbai DFC project provides long-term assessment of CO2 emissions during the operations phase of the project. The assessment covers a 30-year time period from 2016–17 to 2046–47, under three future scenarios. There are two business-as-usual (BAU) scenarios based on continuation of current trends of freight movement, technologies and energy mix at the national level. The scenario BAU (With DFC), assumes that the Western DFC would become operational by 2016–17 as planned, while the scenario BAU (Without DFC), assumes continuation of freight movement on the existing mixed traffic network. The third scenario, LC (With DFC), is based on a low-carbon (LC) pathway at the national level, supported by a carbon tax, aimed at achieving the internationally agreed-upon global CO2 stabilization target. As shown in Table 1, the Western DFC has the potential to bring about a large reduction in CO2 emissions and thereby generate substantial potential revenues through carbon financing mechanisms.