The generation of CO2 is an important element in assessing the environmental impact generated in a tunnel construction project, making this knowledge very useful for evaluating different alternatives. In this study, an analysis of the carbon footprint has been carried out, including the main elements during the construction phase of a tunnel employing a tunnel boring machine (TBM). The research proposes several options for an easy and quick calculation of CO2 generation in a design phase. Its determination can be crucial for decision-making before and during the execution of any tunnel in the near future. The estimation models have been validated based on real case studies, defining the carbon footprint of each construction element. The proposed procedure can apply to any tunnel. However, it should be noted that it is an approximate analysis, and the limitations described in each section should be considered. The main CO2 generator found in the construction process is the lining element; the percentage varies between 50% in tunnels with smaller diameters (4–5 m) and 75% for tunnels with larger diameters (9–10 m), followed by the auxiliary elements, 16%, and the operation of the tunnel boring machine itself, 11.2%, while the other parts remain in a range between 1.3 and 5.7%. This knowledge makes it possible to define the aspects on which efforts should be focussed to reduce the carbon footprint of the tunnel construction process.