The international conference, which will run for three days from Monday, is the first opportunity for countries to signal their support for Mr Turnbull's Global Initiative on Forests and Climate Change.
Australia committed $200 million to the initiative when it was announced by Mr Turnbull in March.
Mr Turnbull and Foreign Affairs Minister Alexander Downer will host the meeting, to be attended by representatives of the World Bank and government ministers of nations including the US, Brazil, China, Indonesia, Malaysia and Papua New Guinea.
The forests plan aims to kick-start a global fund which would also take in contributions from other countries.
It would be used to pay for measures - including community-based programs - aimed at reducing unsustainable and illegal logging in developing countries.
It is estimated an area of forest equivalent to 70,000 football fields is lost to the world every day, with about 20 per cent of the earth's annual greenhouse gas emissions attributed to deforestation.
"It's not just a greenhouse gas issue or an environmental issue, it's also a poverty issue and it's important that forests are managed sustainably," Mr Turnbull said when he launched the scheme.
"That is good for the environment, it offers the opportunity to sequester a great deal of carbon ... and it also offers opportunities for development for hundreds of millions of people."
The initiative would operate outside the Kyoto climate change pact, which Australia refuses to ratify.