Resources:
1. Shipping Criteria Brochure
3. Shipping Criteria Background Document
Certifications
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 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:
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Increasing the energy efficiency of shipping
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Reducing the GHG intensity of the energy used by ships
How the CBI Shipping Criteria were developed:
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
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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). |
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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. |
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Adaptation and Resilience Experts
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Adolf Ng |
Mawuli Afenyo |
Roozbeh Panahi |
Technical Working Group Members
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Aoife O'Leary |
Alison Morris |
Peter Chant |
Johannah Christensen |
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Michael Adams |
James Mitchell |
Diane Gilpin |
David Connolly |
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Bruce Anderson |
Andrew Stephens |
Nicole Rencoret |
John Broderick |
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| Andrew Gazal ESG Tech |
Katherine Palmer Lloyd's Register |
Industry Working Group Members
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Joop Hessels |
Katie House |
Lars Mac Key |
Michael Parker |
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Knut Elvind Haaland |
Nina Ahlstrand |
Ursula Tønjum Børge-Ask |
Kristoffer Olsen, CFA |
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Ted Shergalis |
Astrid Molstad Molnex |
Jacob Michaelsen |
Margrete Eilertsen |
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Tomoko Akagi |
Yusuke Matsui |
Nikos Petrakakos Seabury Capital |
Henrik Piper Silverstream Tech |
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| Jens Peter Neergard Silverstream Tech |
Christopher Rex Skibskredit |
Sara Moeller Skibskredit |
Gust Biesbroeck |
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| 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