1. Climate Bonds Standard V2.1
2. Climate Bonds Standard & Certification Scheme Brochure

March 2019: Shipping TWG/IWG Launched

Any questions on Shipping?
Please contact Lionel Mok at:

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
CBI has convened a Shipping Technical Working Group (TWG) and Industriy Working Group (IWG) to discuss and develop the Shipping Criteria. The Sector Criteria for the Freight Shipping industry under the Climate Bonds Standard will provide a succinct set of decision rules for determining when shipping infrastructure 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 (UMAS).  
Dr. Sophie Parker, Principal Consultant at University Maritimes 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
Affirmativ Investment Management

Lars Mac Key

Michael Parker





Knut Elvind Haaland

Nina Ahlstrand

Ursula Tønjum Børge-Ask

Kristoffer Olsen, CFA
ITM Power





John Kornerup Bang

Ted Shergalis

Astrid Molstad

Jacob Michaelsen





Margrete Ellertsen

Tomoko Akagi
NYK Group

Nikos Petrakakos
Seabury Capital

Henrik Piper
Silverstream Tech





Jens Peter Neergard
Silverstream Tech

Christopher Rex

Sara Moeller

Gust Biesbroeck