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The report argues that current multilateral governance frameworks—including WTO rules, Investor-State Dispute Settlement (ISDS) clauses, and biased financial risk models—systematically restrict the 'policy space' for developing countries to pursue sustainable industrialization. It highlights that while advanced economies historically used industrial policy to develop, current global norms 'kick away the ladder' for the Global South. The authors call for a 'transformational multilateralism' that reasserts the legitimacy of state-led industrial strategies, reforms restrictive trade and investment treaties, expands access to technology through a 'Global Technology Commons,' and addresses the 'penalisation of poverty' in global finance to enable a just and green transition.