The Conference of parties on UN Convention on Biodiversity have discussed evolving a financial mechanism for implementing biodiversity conservation at the ongoing International Conference on Biodiversity in Hyderabad today. The meeting of the member countries of the UN Convention on Biodiversity, known as CoP11, has discussed on the second day today the setting up of short term targets in the implementation of the UN Biodiversity Strategic Plan. The countries also discussed imposing payment for utilizing ecosystem services and providing incentives to conservation activities. Many countries advocated for prioritizing the programmes to be taken up to achieve the goals of biodiversity convention. They have also discussed the immediate steps to be taken up to restore conservation of Marine and Coastal biodiversity. They expressed their concerns over the fast degradation of the marine biodiversity and various eco-systems relating to Oceans. Most of the countries also stressed the need to involve the local fishermen communities and organizations. Increasing investments by the convention on the international waters was also considered.