In order to remain a global leader in various technological sectors, the EU will be investing €22 billion towards research and innovation.
This investment hopes to secure not just advancement of the relevant industries, but also help to provide jobs for the future.
The funding will focus primarily on five public-private partnerships in the fields of innovative medicines, aeronautics, bio-based industries, fuel cells and hydrogen, and electronics.
These five ‘Joint Technology Initiatives’ (JTIs) are:
- Innovative Medicines 2 (IMI2): to develop next generation vaccines, medicines and treatments, such as new antibiotics.
- Fuel Cells and Hydrogen 2 (FCH2): to expand the use of clean and efficient technologies in transport, industry and energy.
- Clean Sky 2 (CS2): to develop cleaner, quieter aircraft with significantly less CO2 emissions.
- Bio-based Industries (BBI): to use renewable natural resources and innovative technologies for greener everyday products.
- Electronic Components and Systems (ECSEL): to boost Europe’s electronics manufacturing capabilities.
It is thought the market alone without aid will not move at the pace required to deal with future issues like reducing carbon emissions and providing research into the next-generation of antibiotics.
José Manuel Barroso, President of the European Commission, said: “The EU must remain a leader in strategic global technology sectors that provide high quality jobs. This innovation investment package combines public and private funding to do just that. This is a perfect demonstration of the leverage effect of the EU budget for growth and jobs.”
As one of the strongest sectors; the “Electronic Components and Systems for European Leadership” (ECSEL) will receive billions of Euros from across the EU member countries and industry.
In Europe, the electronics industry employs 200,000 people and is one of the largest benefactors to the economy. Promoting this workforce and growing it is a primary goal of the initiative.
What do you think about the European Commission’s huge investment into these initiatives?