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PORT OF SPAIN (Reuters) - Commonwealth nations representing one-third of the world's population threw their weight behind accelerating efforts to clinch an "operationally binding" U.N. climate deal in Copenhagen next month, their leaders said on Saturday.

Leaders of the 53-nation Commonwealth meeting in Trinidad and Tobago used their summit to bolster a diplomatic offensive seeking wide consensus on how to fight global warming ahead of December 7-18 U.N. climate talks in the Danish capital.

"We believe ... the time for action on climate change has come. The clock is ticking to Copenhagen ... we believe that the political goodwill and resolve exists to secure a comprehensive agreement at Copenhagen," Australian Prime Minister Kevin Rudd told a news conference in Port of Spain.

The Commonwealth Climate Change Declaration pledged the group's backing for Danish Prime Minister Lars Lokke Rasmussen in his efforts to secure wide attendance and commitment from world leaders at the Copenhagen climate talks.

"We pledge our continued support to the leaders-driven process ... to deliver a comprehensive, substantial and operationally binding agreement in Copenhagen leading towards a full legally binding outcome no later than 2010," the Port of Spain declaration said.

Tackling the issue of funding for poor nations' efforts to fight climate change and global warming, the Commonwealth also backed an initiative to establish a Copenhagen Launch Fund, starting in 2010 and building to $10 billion annually by 2012.

Rasmussen and U.N. Secretary-General Ban Ki-moon, who joined the Commonwealth leaders' discussions in Port of Spain, welcomed the declaration from the group.

Ban said world leaders should "stay focused, stay committed and come to Copenhagen to secure a deal.