
Australia and the US have each promised more than $50m for research into cleaner forms of energy.
The pledge came at the end of the inaugural meeting of the six-nation Asia Pacific Partnership on Clean Development and Climate in Sydney.
The money will be used to look at ways to generate cleaner electricity, and make industries more energy-efficient.
But critics say the pledged money is not enough, and accuse Australia and the US of ducking their responsibility.
According to the BBC environment correspondent Richard Black, who is at the talks, many environmentalists say the meeting is really just a business deal which detracts attention away from the Kyoto protocol.
The Asia Pacific Partnership brought together Australia, China, India, Japan, South Korea and the US - some of the world's worst polluters.
The partnership - widely seen as an alternative way to tackle global warming outside the Kyoto protocol - insists technology and voluntary agreements can be used to combat climate change.
In a final communiqué at the end of the talks, the six nations did not set any targets, but issued a statement of commitment to curbing greenhouse gas emissions.
"The partnership aims to mobilise domestic and foreign investment into clean and low-emission technology, by fostering the best possible enabling environments," the statement said.
But it added that reductions in greenhouse gases must be achieved without hindering economic growth.
"We recognised that fossil fuels underpin our economies, and will be an enduring reality for our lifetimes and beyond," the statement said.
Figures released on Thursday by the Australian government make it clear that although this pact may slow the growth of emissions, it will not bring them down.
Australia's Foreign Minister Alexander Downer admitted that emissions would continue to rise, but said: "The partnership efforts in technology and best practice could lead to partners emissions being 30% less in 2050 than would have otherwise been the case."
Campaign groups have seized on this admission as evidence that the partnership is nothing more than a way for some nations to avoid binding commitments such as the Kyoto protocol.
Environmentalists have long maintained that mandatory internationally agreed targets, alongside effective financial incentives, are the only way to avoid dangerous climate change, the BBC correspondent says.