India, China and some other developing countries wanted GCF to be under direct control of multilateral UN framework convention on climate change (UNFCCC).
Although the functional framework of GCF, having equal representation of developed and developing world, was decided earlier this week, the final decision was held back as the US used it as a bargaining tool to get transparency in implementation of climate actions and binding deal for all nations.
The conference decided that GCF will be an autonomous organisation under UNFCCC.
The GCF also helped the EU get support of island and least developed nations, as Germany and Denmark on Thursday committed 55 million Euros for fast track finance to be available from 2012. On Friday, island and least developed nations backed EU's roadmap, which in truncated form was agreed upon.
The funds to be provided under GCF to developing countries will be as per policies of each country. The conference also approved the governing principles of the fund.
The fund will be used for both adaption and mitigation actions. Meaning India will be able to seek money both to reduce its carbon emissions and implementing adaption strategies in climate vulnerable areas.