The Biodiversity Summit has passed the momentous decision over resource mobilization in the wee hours of today in Hyderabad with the member countries coming to an agreement to double the flow of funds to developing countries by 2015 to achieve the global biodiversity targets.

The differences between the developed and developing countries over fund mobilization have been resolved at marathon deliberations. The plenary session of the UN Biodiversity conference approved Resource mobilisation and took three other related decisions before the Conference ended.

Speaking to reporters after the summit, Union Environment and Forests Minister Jayanthi Natarajan said the countries have committed to a framework of resource mobilization after intense negotiations. Stating that it is most important achievement, the Minister said the goal of fixing baselines for fund mobilisation has been achieved due to cooperation from all parties.

From the beginning of this biodiversity conference on 1st of this month in Hyderabad, the resource mobilisation issue continued as one of the major concerns of the member countries. The differences of opinion cropped up between developed and developing countries over flow of funds to the activities aimed at achieving Global Biodiversity targets by 2020.

While the developing countries wanted the developed ones to provide a major chunk of resources for the biodiversity conservation initiatives, the developed countries demanded for establishing a clear system of accountability.

At one point of time, both sides stuck to their point leading to a logjam. Efforts have been resumed to achieve consensus over the issue following Prime Minister Dr Manmohan Singh announced 50 million dollar fund in the name of Hyderabad Pledge.

As the President of the Convention, Indian delegation led by Union Environment and Forests Minister Jayanthi Natarajan made untiring efforts by way of holding bilateral and regional level talks to find a way out.

It has reportedly circulated a text proposal on the final day suggesting a middle path which resulted into the historic agreement over the contentious resources issue. The remarkable decision to double the fund-flow to continue biodiversity conservation will go a long way in achieving the global biodiversity targets 2020.

Earlier, the Convention on Biodiversity passed 30 decisions at its plenary last evening.

The next Conference of Parties will be held in Republic of Korea in 2014.