Shipping

Updates:

 

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. 

 

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

 

Resources:

 

1. Shipping Criteria Brochure

2. Shipping Criteria Document

3. Shipping Criteria Background Document

4. Public Consultation Presentation

5. Public Consultation Recording 

 

 Climate Bonds Standard V3

Any questions on Shipping? 

 

Please contact Lionel Mok at:

Status: NOT YET AVAILABLE. The Shipping Criteria will hopefully be ready for use in certifications by the end of 2020. Please contact certification@climatebonds.net if you have queries about certification. 

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. 
 

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 International (UMAS International).  
   
Dr. Sophie Parker, Principal Consultant at University Maritime Advisory Services International (UMAS International)
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 International, 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
Fremco

Peter Chant
Fremco

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
Katherine Palmer
Lloyd's Register
   

 

Industry Working Group Members 

Joop Hessels
ABN AMRO

Katie House
Affirmative IM

Lars Mac Key
Danske Bank

Michael Parker
Citi

 

 

 

 

Knut Elvind Haaland
DNB

Nina Ahlstrand
DNB

Ursula Tønjum Børge-Ask
DNB

Kristoffer Olsen, CFA
ITM Power

 

 

 

 

Ted Shergalis
Magnuss

Astrid Molstad

Molnex

Jacob Michaelsen

Nordea

Margrete Eilertsen

Nordea

 

 

 

 

Tomoko Akagi

NYK Group

Yusuke Matsui

NYK Group

Nikos Petrakakos

Seabury Capital
Henrik Piper

Silverstream Tech

 

 

 

 

Jens Peter Neergard

Silverstream Tech
Christopher Rex

Skibskredit
Sara Moeller

Skibskredit
Gust Biesbroeck
       
     
Paul Stuart-Smith
Zero Carbon Finance
     

 

With special thanks to: 

Georgios Plevrakis, American Bureau of Shipping
Stephen Cadden, Sea LNG
Steven Esau, Sea LNG
Samuel Kenny, Transport & Environment
Faig Abbasov, Transport & Environment
Dominik Englert, World Bank
Andrew Losos, World Bank 
Mark Lutes, WWF