Commonwealth leaders agreed today to set up a climate change hub which would facilitate access to funds for small states like Malta.
Commonwealth general secretary Kamalesh Sharma said the hub was set up after small state leaders said they had experienced difficulty securing financial support.
"These small states are often told about money but none of them know the number to dial," Mr Sharma, the outgoing secretary general, said.
He also announced that leaders had agreed on a new mechanism to help states manage debt accrued on climate management. The details of how this would work was still being worked out.
UN General Secretary Ban Ki-Moon said any agreements reached during CHOGM gave an indication of what progress would be made when 150 world leaders meet for a climate summit in Paris next week.
Describing the Commonwealth as a microcosm of the international community, Mr Ban said he found the agreements reached in Malta encouraging.
Malta, he said, had already played a role in combating climate change when the issue was raised by then prime minister Eddie Fenech Adami at the UN general assembly back in 1988.
British Prime Minister David Cameron earmarked around £26 million for projects to help 25 small island states.
The funds will be used to manage fisheries, protect coastlines and tackle pollution as well as extending disaster risk insurance, which helps countries reduce the impact of natural catastrophes such as droughts, to Pacific Islands.
Mr Cameron said: "Today, we have a real opportunity to get the small island states that are so vulnerable to climate change on board for an ambitious global climate change deal in Paris.
"Britain is firmly committed to helping these countries deal with the effects of climate change and that's why we're announcing new support today to help protect them from the risks of climate change and to make the most of their natural maritime advantages which are so vital to their economies."
Canada Prime Minister Justin Trudeau also said his country will give C$2.65 billion over the next five years to help developing countries combat climate change.
The funding will help support the transition to low-carbon economies and will target the poorest and most vulnerable countries. The contribution is part of an agreement Canada made in 2009 to work with developed countries to provide $100 billion a year by 2020 from various sources.