Economic and environmental impacts of alternative routing scenarios in the context of China's belt and road initiative

•Adoption of multimodal cost model and emission model in a unique BRI context.•Original primary case used to frame and develop the research.•A wide range of multimodal alternative scenarios within BRI modelled.•Practical implications derived from the study that can inform future BRI policy and managerial decisions.•Dominant cost and CO2 factors for different transport routes within BRI identified. This paper provides an empirical study of combined land - ocean transport within the Belt and Road Initiative (BRI). The analysis is based on primary data in each transport activity taking place between Yiwu and Madrid. Five scenarios are modelled using alternative transport routes. Optimal choices for multi-modal transport combinations with regards to both economic and environmental perspectives are identified. By investigating freight transport from Yiwu to Madrid using the Yixinou line, the results suggest that the BRI has significant potential to reduce the cost of freight transport from China to Europe.