The Convention on Biological Diversity was held in Rio De Janiero, Brazil in 1992 with the goal of protecting biological diversity worldwide. It established principles for the conservation of biological diversity between countries and the sustainable use and fair sharing of genetic resources. The convention created a governing body called the Conference of Parties to oversee decision making and implementation of the convention by member countries through national strategies and financial support for developing countries. The convention aimed to reduce biodiversity loss by 2010 but has yet to fully achieve its goals.