The FALCON project (“Freight and Logistics in a Multimodal Context”) is a collaborative effort funded by the Conference of European Directors of Roads (CEDR), and has set out to address ambitious carbon emission reduction targets set by the European Commission. A primary goal of the project is to define a potential Performance-Based Standards (PBS) framework for cross-border road freight transport in Europe. First, a representative fleet of heavy vehicle combinations carrying modular loading units was formulated in collaboration with industry. The fleet was then simulated against a wide range of potential performance standards sourced from various countries. These findings together with expert opinion were then used to draft recommendations for a PBS framework for Europe.