But yesterday Prime Minister Tony Abbott and Foreign Minister Julie Bishop committed $200 million from Australia’s Foreign Aid budget to the international Green Climate Fund.

The remarkable backdown came after Mr Abbott became the first Australian prime minister to stand up to a US president when he went into bat for Australia at the G20 and ­refused to commit to the fund despite pressure from Barack Obama.

EDITORIAL: ABBOTT BACKFLIP IN A CLASS OF ITS OWN

Prime Minister Tony Abbott welcomes US President Barack Obama to the G20 summit in Brisbane last month / Picture: AP Source: AP

Mr Abbott, who’d ­already watered down his paid parental leave scheme and killed the GP co-payment this week, said he had listened to the international community.

“I’ve made various comments some time ago, but as we have seen things develop over the last few months I think it’s now fair and reasonable for the government to make a modest, prudent and proportionate commitment to this climate mitigation fund,’’ the PM said.

The $200 million will be invested over four years.

Mr Abbott, who had his Direct Action Plan passed through the senate earlier this year, said Australia would meet all of its climate change targets.

“We are one of the very few countries that has actually met our Kyoto targets. We are one of the very few countries that will deliver on our 2020 commitments and our 2020 commitments are a 12 per cent reduction on 2005 emissions levels,” he said.

US President Barack Obama and First Lady Michelle Obama with Foreign Minister Julie Bishop / Picture: The White House Source: Supplied

International allies had ­increased pressure on Australia to be involved in the fund, which is a war chest to assist developing countries in combating climate change.

Ms Bishop announced the decision at the UN conference on climate change in Peru yesterday. She also urged China and India to do more to tackle their emissions ­reductions, saying both countries had “responsibilities to curb them”.

In 2013, Mr Abbott took aim at former Greens leader Bob Brown, who was supportive of a fighting fund to combat ­climate change.

“We are committed to dismantling the Bob Brown bank (the Clean Energy ­Finance Corporation) at home so it would be impossible for us to support a Bob Brown bank on an international scale,” he said.

In 2012, Ms Bishop said the Coalition would not take cash from the ­foreign aid budget to spend on climate change.