The article considers the tools for comprehensive assessment of railway transport decarbonization strategies in the context of European climate policy. A methodological combination of full life cycle assessment, hierarchical analysis of priorities and a method for choosing the solution closest to ideal is proposed. Using the example of four options: full electrification, hydrogen traction, battery traction and biofuel, a multi-criteria comparison is carried out according to environmental, economic, technical, capital and social indicators. The results of the calculations show the advantage of electrification according to the integral rating, although under certain conditions (decreasing the price of hydrogen and increasing capital costs for the contact network). Hydrogen traction demonstrates potential only under conditions of significant reduction in the cost of “green” hydrogen. Battery traction is appropriate on short routes, and biofuel is inferior in all main criteria. The developed approach allows integrating quantitative and qualitative indicators into a single system for forming transparent and reproducible management decisions in the field of sustainable development of railway transport by implementation of innovations.