With the rapid expansion of shield tunnel projects in China, precise accounting of CO2 emissions throughout the entire process is essential for advancing green and low-carbon construction practices. This paper introduces an innovative CO2 accounting methodology utilizing a cost-based carbon emission coding system. It adopts a multilevel approach to carbon emission accounting, aligned with this coding system, which facilitates a detailed examination of carbon emission ratios and characteristics across various construction techniques. The analysis includes six typical shield tunnel projects varying in diameter, focusing on sub-projects to scrutinize CO2 emissions and establish specific indicators. The findings indicate that CO2 emissions per 10,000 yuan of investment, approximately 30.25% (or 3025 kgCO2e/10,000 yuan), are more consistent than those per unit of length. Moreover, the study highlights differing CO2 emission trends among sub-projects compared to whole tunnel projects, assessing emission indicators and distribution patterns in four sub-projects: shield excavation, segmental lining, internal structure, and tunnel reinforcement. From these findings, the paper suggests more precise and tailored strategies for CO2 reduction. This research provides a theoretical basis for future construction planning and carbon management strategies.