2024 Sustainable Social Value Innovation Summit

Mr. Peng Huagang, Secretary General of the State-owned Assets Supervision and Administration Commission of the State Council, 

Mr. Xi Dan, Senior Vice President of Tencent Group, 

Respected Government Representatives, 

Esteemed Scholars and Prominent Business Leaders, 

Excellencies, 

Distinguished guests, 

Ladies and Gentlemen, 

I am pleased to join the Growth - 2024 Sustainable Social Value Innovation Summit, and I would like to thank Tencent Sustainable Social Value for co-organizing this remarkable event and inviting me to address this event.  

We stand at a pivotal moment in history, with less than six years remaining to achieve the 2030 Agenda for Sustainable Development.  

Addressing today's interconnected global such as climate change, inequality, and digital divides demands urgency and coordinated action.  

It is through sustained and inclusive growth that we can unlock the potential for innovation to drive positive change on a global scale.  

Businesses, as both economic drivers and social innovators, hold a unique responsibility to pioneer sustainable solutions and shape a better future. 

Finance lies at the heart of this effort.  

According to the 2024 Financing for Sustainable Development Report, the annual funding gap for the Sustainable Development Goals (SDGs) has widened from $2.5 trillion before the pandemic to a staggering $4.2 trillion.  

Bridging this gap requires immediate efforts to mobilize financing at scale.  

The private sector, with its unparalleled resources, innovative capacity, and global reach, must lead the way in driving meaningful change, particularly in developing countries. 

Innovation and technology are transformative forces that can address critical challenges, including climate action, reducing digital inequality, and promoting access to sustainable resources.  

From artificial intelligence for social good and low-carbon technologies to digital tools that empower underserved communities, businesses have demonstrated how profitability can align seamlessly with responsibility.  

These initiatives offer scalable, impactful solutions to some of the most pressing issues of our time. 

The Pact for the Future, endorsed by 193 member states at the UN Summit of the Future this September, highlights the importance of mobilizing the private sector to address global challenges.  

Key priorities from the summit include fostering public-private partnerships, promoting innovative financing mechanisms, and supporting digital transformation to achieve inclusive growth.  

The discussions also underscored the transformative potential of AI and advanced technologies in fostering equitable and sustainable progress.  

These themes resonate deeply with the idea of harnessing social innovation through commercial means, unlocking new opportunities for both economies and societies. 

Achieving sustainable development requires a collaborative ecosystem where governments, businesses, academia, and international organizations work together.  

Breaking down silos among these stakeholders is essential for building shared methodologies and pooling resources.  

Cross-sectoral partnerships encourage joint innovation and foster solutions that align economic growth with social and environmental impact.  

This ecosystem approach amplifies collective efforts and paves the way for sustainable social value creation. 

As UN Secretary-General Mr. António Guterres said at World Economic Forum 2024 in Davos, “The private sector is in the lead on expertise and resources. We need your full engagement in our multi-stakeholder effort to develop a governance model that is networked and adaptive. There is no way we can do isolated responses to the problems we face.”  

We must remember that the business community, civil society, and academia are indispensable partners in analyzing challenges, crafting strategies, and implementing effective policies that leave no one behind. 

Excellencies,  

Ladies and Gentlemen, 

At the United Nations in China, we embrace our role as a convenor, connectors, and catalysts for sustainable development.  

Under our Cooperation Framework, we collaborate with private sector partners to advance key initiatives.  

These efforts include supporting digital transformation, scaling up private sector investment in developing countries, and promoting inclusive, innovative financing solutions.  

This also includes efforts led by UN entities in China, including the UN Global Compact, whose office in China works closely with enterprises to highlight best practices in environmental, social, and corporate governance and the empowerment of women in key business leadership roles. 

Ladies and Gentlemen, 

Businesses today face a dual mandate, achieving economic returns while generating social value.  

I call upon businesses to fully embrace their critical role as catalysts for sustainable development.  

Let us align our efforts, strengthen partnerships, and work toward a future defined by innovation, inclusivity, and sustainability. 

I wish this conference every success and hope it serves as a springboard for transformative collaborations and solutions that will serve generations to come. 

Thank you.