Many Commonwealth members are island states threatened by rising sea levels.
Leaders also called for the strongest possible outcome at next month's climate change summit in Copenhagen.
Commonwealth leaders "welcomed the initiative（第一步，首創精神） to establish, as part of a comprehensive agreement, a Copenhagen Launch Fund starting in 2010 and building to a level of resources of $10 billion annually by 2012," a statement in Trinidad on Saturday said.
UK Foreign Secretary David Miliband said the declaration sent a clear political message.
"The Commonwealth is showing that you can find some common ground amidst countries that are very different, large and small, rich and poor, and that climate change is an issue that affects us all, and that the world needs to show the sort of resolution that we've seen here over the past 24 hours," he said.
It added that "fast start funding" for adaptation should be focused on the most vulnerable countries.
"We also recognise the need for further, specified4 and comparable funding streams, to assist the poorest and most vulnerable countries, to cope with, and adapt to the adverse5 impacts of climate change. We recognise that funding will be scaled up beyond 2012."
UK Prime Minister Gordon Brown said half the $10bn fund should go towards helping6 developing nations reduce their greenhouse gas emissions7 and the other half towards helping them adapt to（適應） climate change.
The first cash would be made available next year, he said, before any emissions deal could take effect.
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