It will be located in Shanghai Lujiazui Financial City, which will work with other cities in Asia-Pacific to promote innovation and the development of sustainable and green finance.
FC4S aims to enable financial centres to exchange experience and take action on shared priorities to accelerate the expansion of sustainable, green finance.
Financial centres are locations in the economy where banking, investment and insurance markets are concentrated.
As part of the initiative, Lujiazui Financial City signed an agreement with Casablanca Financial City to strengthen co-operation in green finance and resource exchange.
The global network appointed two co-chairs to provide strategic leadership, one being Pierre Ducret, Board Member of the Paris-based Finance for Tomorrow initiative.
He said: “The IPPC report has shown more clearly than ever the need to mobilise the trillions for climate and accelerating action is a priority for France. I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international co-operation at a time of great uncertainty.”