The carbon markets have been successful in reducing greenhouse gas emissions by setting a limit to emissions and enabling their trading.
The summit in its second season had discussions on ‘sustainability’ and how all sectors must align themselves to help India achieve its target of net-zero carbon emissions by 2070.
Currently, rich nations provide an estimated $80 billion annually, which poorer nations say isn't enough to develop clean energy systems and to adapt to worsening climate shocks.
China, which is heavily dependent on coal-fired power, pledged last year to start reining in its fossil fuel emissions later in this decade and to become carbon neutral by 2060.
PM Modi also announced that the carbon intensity of India's economy -- the amount of goods produced per unit of energy -- would be reduced by 45 percent by 2030.
Morrison said his government would stick with Australia's current 2030 target of reducing emissions by 26 per cent to 28 per cent below 2005 levels.
If they do not respond to the letter in the coming weeks and halt their "illegal behaviour", the NGOs said they are ready to file lawsuits in court.
China has said its carbon emissions should peak by 2030 and then decline, with a goal of reaching carbon neutrality by 2060.