The Abbott government has bowed to international pressure and will commit to a global fund to help developing nations deal with climate change.

The government has also revealed the first detail of how it will review Australia's post-2020 emissions reduction targets, with a taskforce to be established in the Department of Prime Minister and Cabinet.

Foreign Affairs Minister Julie Bishop is in Peru where the government will announce the funding on Wednesday. Credit:Andrew Meares

In a statement on Wednesday, Prime Minister Tony Abbott and Foreign Minister Julie Bishop said the government would take $200 million from Australia's foreign aid budget over four years to put into the Green Climate Fund.

It follows weeks of criticism after the government tried to resist the fund's inclusion on a G20 communique and refused to join other world leaders at a conference in Berlin that aimed to raise an initial $10 billion for the measure.