Abstract
A reorientation of transport infrastructure policy in Germany is being discussed for climate policy reasons. There are frequent calls for investment to be focused on the rail transport system. With the future spending potential of the new special infrastructure fund, the question of the allocation of investment funds is urgent. This paper argues that the sole focus of infrastructure policy on rail is ineffective and inefficient due to the inertia of the transport system and the low efficiency of rail infrastructure use. Furthermore, after the inclusion of road transport in emissions trading, there is no longer any justification for this in terms of climate economics.