In the UN climate talks that concluded in POZNAN, Poland, developing nations criticized wealthy countries for being stingy, especially in regards to the small size of the Adaptation Fund which is only $80 million. This fund is meant to help poor countries deal with the effects of climate change such as droughts, floods, and rising seas. Colombian Environment Minister Juan Lozano expressed disappointment and sadness over the outcome of the talks, stating that the lack of consideration for the human impact of climate change is a concerning sign for the future negotiations in Copenhagen in 2009. Indian representative Prodipto Ghosh expressed that this is one of the most sorrowful moments he has witnessed in his 12 years of attending U.N. climate meetings. Other nations such as Brazil, Costa Rica, and Maldives also shared similar sentiments. Many delegates are hopeful that U.S. President-elect Barack Obama will implement more aggressive climate policies. At the talks in Poland, environment ministers established rules for the Adaptation Fund, which aims to assist poor countries in constructing flood defenses, developing drought-resistant crops, and issuing storm warnings. Polish Environment Minister Maciej Nowicki, the host of the talks, stated that the launch of the fund was the biggest accomplishment of the meeting in Poznan. The fund, which may begin distributing money in 2009, currently has $80 million but has the potential to increase to $300 million annually by 2012. According to U.N. estimates, developing countries will require tens of billions of dollars each year by 2030 to address climate change. Poland spent 24 million euros ($31.84 million) to host the conference from December 1-12. Developing nations alleged that wealthy countries hindered an agreement in Poznan on a broader funding system that could generate around $2 billion per year. This matter was postponed until 2009. Yvo de Boer, who leads the U.N. Climate Change Secretariat, stated that the negotiations had accomplished their goals but noted that there was a sense of dissatisfaction. He acknowledged that only half of the necessary work for the Copenhagen conference had been completed. Despite this, he believed that Poznan had successfully fulfilled its primary objective of assessing advancements towards a comprehensive new international climate agreement to be established in Copenhagen in December 2009 as a replacement for the Kyoto Protocol. However, environmentalists had a different perspective. Stephanie Tunmore of the Greenpeace environmental group expressed deep disappointment with the lack of progress, stating that the stocktaking portion was not challenging as there was little achieved in 2008. Environmentalists criticized Australia, Canada, Japan, and New Zealand for hindering progress and not setting ambitious targets to reduce emissions. In contrast, Mexico, China, and South Africa presented proposals to address the issue of increasing emissions. European Environment Commissioner Stavros Dimas stated that discussions were progressing well, with everyone acknowledging that combating climate change aligns with addressing the economic crisis. EU ministers in Poznan were relieved after EU leaders in Brussels reached an agreement to reduce greenhouse gases by 20 percent below 1990 levels by 2020, following significant compromises made to east European countries. Through the Adaptation Fund, funds are generated through a 2 percent levy on a U.N. program aimed at reducing greenhouse gas emissions in developing countries. To date, the levy has raised 60 million euros ($80 million).