But new Opposition finance spokesman Barnaby Joyce immediately attacked the proposal.
“Essentially this Copenhagen plan means we borrow money from places like China to pay them to help them develop. I don’t think they need our help. They’re doing a very good job on their own.”
Prime Minister Kevin Rudd has previously backed a separate $US10 billion climate fund in talks with US President Barack Obama and Mr Brown.
Reports from Copenhagen say industrialised countries favour a target of 50 per cent reduction of global carbon emissions by 2020 (compared with 1990 levels), but major emerging economies led by China have baulked at any such target unless it is made clear that rich countries will assume most of the burden.