The Climate Bonds Standard and Certification Scheme is a labelling scheme for Entities, Assets and Debt Instruments. Rigorous scientific criteria ensure that Certified investments in climate mitigation are consistent with the 1.5owarming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.





1. Shipping Criteria Brochure

2. Shipping Criteria Document

3. Shipping Criteria Background Document

4. Frequently Asked Questions



To see the whole list of Shipping Climate Bonds, visit our  Database of Certified Bonds


Timeline of development:

Oct 2020: Criteria  available for certification

June 2020: Criteria out for public consultation

Nov 2018: Technical Working Group established




Please contact 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

How the CBI Shipping Criteria were developed:

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 were comprised of representatives from academia, civil society, ship owners, operators, investors and international policy bodies from around the world. 

The TWG and IWG held their respective, periodical meetings virtually throughout 2019 and 2020 to discuss the principles, metrics, thresholds and industry applicability and usability of the criteria. A detailed summary of the critical discussion points can be found in the CBI Shipping Criteria Background Document. Guided by the CBI Criteria development process, the discussions were primarily led by Dr. Tristan Smith and Dr. Sophie Parker from University Maritime Advisory Services (UMAS) International. In mid-2020, the criteria were released for public consultation. This feedback was incorporated into a final set of criteria that were approved by the CBI Standards Board in October 2020. The final documents on this page are the latest version of the CBI Shipping Criteria, outlining the technical and reporting conditions an issuer or borrower must fulfil to provide an investor or issuer with confidence that an asset is aligned with the Paris Agrement. 


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

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
Katherine Palmer
Lloyd's Register


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
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