The improvement in component service life and railway service reliability has been viewed from an environmental perspective. Delays and train accidents carry enormous costs and greenhouse gas (GHG) emissions potential due to the increased fuel burn and the need to replace heavy equipment prematurely. The use of higher-performance materials, more efficient vehicle design, and modern technology by Canadian railways to reduce service interruptions are presented. Their resulting cost savings not only can provide financial incentives for the continuous optimization of asset utilization but can also lead to significant contributions to the decarbonization of the railway industry. The authors have estimated a total reduction of 2.4 kt-CO2e per year in embodies carbon emissions due to life extensions of wheelsets compared to 2017 levels on a Class 1 railway. System-wide, the rail life extension has resulted in a saving of 8.1 kt-CO2e per year compared to 2017 for the same railway. Compared to 2004, the Canadian railway industry has achieved an annual reduction in embodied carbon emission of 6.7 Mt-CO2e from the reduction in mainline derailments.