London Greeks’ shipping lobby expressed its frustration on Thursday as proposals to set up a maritime decarbonisation research fund seemingly reach a dead end.

The International Monetary Organization’s Marine Environment Protection Committee “didn’t help the debate by refusing to set up a dedicated research and development fund”, said Haralambos J Fafalios, who is chairman of the Greek Shipping Co-operation Committee (GSCC).

Failure to back the fund means any proceeds from a carbon tax imposed on ships will now most likely be gobbled up by governments rather than addressing the industry’s decarbonisation needs, Fafalios told the group’s annual general assembly.