Developed nations have agreed to an new agreement in which aid to developing nations will be doubled by the year 2015 for funding on biodiversity.

Following rounds of intense negotiations, the developed nations have agreed to double aid to developing nations at the eleventh Conference of Parties (COP) to the Convention of Biological Diversity (CBD). The aid will help developing nations address biodiversity loss.

The decision to double the aid was taken on the basis of baseline figure of average national funding on biodiversity between 2006 and 2010 by nations. Officials said that the developing nations will use additional funding to take steps for achieving Aichi biodiversity targets.

The Aichi biodiversity target is aimed at reducing the loss of natural resources such as land, water, forest and animal and plant species by 2020. As a return for more aid, more developing nations will include biodiversity conservation in their financial and development plans by 2015. All the members of the convention also pledged that they will increase their own national expenditure on biodiversity conversation efforts.

The targets and the progress made by countries will be reviewed at the next COP in South Korea in 2014.