Low Carbon Shipping



26th June, 2020: The public consultation has officialy closed and we are now reviewing the feedback. 

We will provide further updates on the status of the criteria in due course. Stay tuned! 


CBI will be hosting a webinar to explain the criteria and give stakeholders an opportunity to learn more and share their thoughts. Register here


Public Consultation:

From April 27th to June 26th, the CBI Shipping Criteria were released for public consultation.


During this period, we sought to hear from any experts and stakeholders from the shipping sector on the use of the Shipping Criteria for certifying the Use of Proceeds outlined in a green bond issuance. 


The public consultation CLOSED on June 26, 2020. 

You can download the Shipping Criteria, the Criteria brochure and Shipping Criteria background document below. 




1. Climate Bonds Standard V3

2. Shipping Criteria Brochure

3. Shipping Criteria Document

4. Shipping Criteria Background Document

5. Public Consultation Presentation

6. Public Consultation Recording 


Any questions on Shipping? 


Please contact Lionel Mok at:

Public Consultation Recording

Shipping and Climate Change 
Maritime transport accounts for approximately 80% of global trade by volume and 70% by value. In 2017, total volumes transported reached 10.7 billion tons. The UN Conference on Trade and Development (UNCTAD) is forecasting a 3.8 per cent Compound Average Growth Rate (CAGR) for seaborne trade between 2018 and 2023.

CO2 is the largest source of greenhouse gas emissions in shipping. According to the International Maritime Organisation (IMO), the shipping industry’s governing body, the sector currently accounts for c2.2% of global emissions. The multi-year average estimate for all shipping for 2007–2012 was 1,015 million tonnes CO2 and 1,036 million tonnes CO2e for GHGs combining CO2, CH4 (methane) and N2O (nitrous oxide). Left unchecked shipping emissions are expected to grow by 50-250% by 2050. Decarbonising the shipping sector is crucial. 

While CO2 represented almost all of the industry’s GHG emissions (98%), methane (CH4) emissions from ships increased recently due to increased use and transport of liquefied gas and associated methane slip. There is potential for this trend to continue in the future if shipping moves to LNG-powered ships. There is also potential for the sector to make significant GHG reductions.

These can be achieved through a combination of:

  • Increasing the energy efficiency of shipping
  • Reducing the GHG intensity of the energy used by ships
The Shipping Technical Working Group and Industry Working Group 
In early 2019, CBI convened a Shipping Technical Working Group (TWG) and Industry Working Group (IWG) to develop the CBI Shipping Criteria. The Shipping Criteria form part of the Climate Bonds Standard and provide a succinct set of decision rules for determining when shipping projects and assets are compatible with a low carbon, climate resilient economy, and are therefore eligible for certification under the Climate Bonds Standard.
The TWG and IWG is comprised of representatives from academia, civil society, ship owners, operators, investors and international policy bodies from around the world. 
On April 27th, 2020, the Climate Bonds Shipping Criteria were released for public consultation.
The consultation ran for two months until June 26th. 

Technical Consultants

Dr. Tristan Smith, Reader in Energy and Transport at University College London
Dr. Tristan Smith has grown a substantial group focused on modelling and analysis of shipping’s efficiency and emissions. He led the 3rd IMO GHG study, is lead author of ISO 19030, co-chair of World Bank’s CPLC Maritime Thread, and has been involved in numerous projects across the academic, industry and policy domains. The group maintains a number of models including GloTraM, which is used by several multinationals to explore shipping’s future scenarios and technology evolution. Along with Dr. Simon Davies, he is co-founder of University Maritime Advisory Services (UMAS).  
Dr. Sophie Parker, Principal Consultant at University Maritime Advisory Services (UMAS)
Dr. Sophie Parker is an applied economist and her work focuses on the economic and financial aspects of decarbonising the shipping sector. Before joining UMAS, she worked as an economic consultant at KPMG and a regional economist at IHS. While at KPMG, she helped develop the methodology for HSBC's IFRS9 macroeconomic models and provided economic advice on competition law cases. She has a PhD in Energy and Economics from UCL and was an author of the 3rd IMO GHG Study. 


Adaptation and Resilience Experts


Adolf Ng
Aspert School of Business
University of Manitoba

Mawuli Afenyo
Asper School of Busines
University of Manitoba

Roozbeh Panahi
Asper School of Busines
University of Manitoba



Technical Working Group Members 

Aoife O'Leary
Environmental Defense Fund

Alison Morris

Peter Chant

Johannah Christensen
Global Maritime Forum





Michael Adams 
Ocean Assets Institute

James Mitchell
Rocky Mountain Institute

Diane Gilpin
Smart Green Shipping Alliance

David Connolly
Southampton University





Bruce Anderson
Starcret Consulting Group

Andrew Stephens
Sustainable Shipping Initiative

Nicole Rencoret
Sustainable Shipping Initiative

John Broderick
University of Manchester

Andrew Gazal
ESG Tech


Industry Working Group Members 

Joop Hessels

Katie House
Affirmative IM

Lars Mac Key
Danske Bank

Michael Parker





Knut Elvind Haaland

Nina Ahlstrand

Ursula Tønjum Børge-Ask

Kristoffer Olsen, CFA
ITM Power





Ted Shergalis

Astrid Molstad


Jacob Michaelsen


Margrete Eilertsen






Tomoko Akagi

NYK Group

Yusuke Matsui

NYK Group

Nikos Petrakakos

Seabury Capital
Henrik Piper

Silverstream Tech





Jens Peter Neergard

Silverstream Tech
Christopher Rex

Sara Moeller

Gust Biesbroeck


With special thanks to: 
Samuel Kenny, Transport & Environment
Faig Abbasov, Transport & Environment
Mark Lutes, WWF
Dominik Englert, World Bank
Andrew Losos, World Bank