As it is often less costly, more financially sustainable, and more directly accountable to citizens than private finance. Moreover, public interventions are critical for social equity reasons or where social returns are much larger than private returns. This requires:

An ambitious plan at the international level to increase domestic resource mobilization and expand fiscal space, including through:

• Clamping down on losses of public resources through tax abuse, evasion and avoidance (see Domestic Resource Mobilization recommendations)
• Dealing with unsustainable debts through a new, fair, democratic and transparent sovereign debt workout mechanism at the UN (see Debt recommendations )
• Withdrawing from and/or rejecting new unfair international trade agreements (see Trade    recommendations), and
• Increasing levels and quality of international concessional resources with a cautious and    evidence-based approach to blended finance (see International Development Cooperation recommendations)

These can enable countries to move away from commodity dependency and export-oriented strategies and move towards socio economic transformation through diversified, dynamic, inclusive, and sustainable economies. ​​This requires grassroots organizations and civil society to take on crucial roles in defining development plans via democratic processes. Industrial policy could include elements such as:

• Promoting strategic sectors and domestic reinvestment
• Re-orienting countries’ public development banks (PDBs) to finance development plans,    with a focus on domestic priorities and needs instead of creating project pipelines that aim to attract foreign investors
• Advancing active labor market policies such as living wages, equal pay, and the protection of workers’ rights
• Breaking up land concentration to raise sustainable agricultural production and increase    rural purchasing power

• We call on governments to declare a moratorium on funding, promoting or providing        technical support for PPPs and ‘private finance first’ approaches, like blended finance,        until an independent and comprehensive review into their development outcomes is          completed.
• We call on governments to exempt public services, such as water, energy, health and          education, from privatization and PPPs.

We call for an intergovernmental negotiation on a global convention to regulate the asset management industry.

• Engage constructively in the ongoing negotiations in the Human Rights Council towards an international legally binding instrument on Transnational Corporations and other Business Enterprises as a first step in regulating transnational corporations.
• Establish financial regulation, especially of shadow banking, capital controls, or reviewing foreign investment incentives.

We call on governments and private enterprises to effectively implement the ILO International Labor Standards and ILO Conventions, the UN Guiding Principles on Business and Human Rights, and to set up effective mechanisms for resolving abuses and provide adequate remedy, especially for Indigenous Peoples, peasants, and rural communities. Furthermore, governments must ensure the contributions from business to national fiscal systems and address tax evasion and avoidance. The current 15% minimum global tax on TNCs is a welcome yet insufficient step.