European Commission proposes $118 bn for innovation

Brussels, June 7 (IANS) The European Commission earmarked nearly 100 billion euros ($118 billion) on Thursday for research and innovation between 2021 and 2027.

Horizon Europe, hailed by the Commission as its “most ambitious research and innovation programme”, was proposed to receive funding of 97.6 billion euros, Xinhua news agency reported.

The programme will feature an European Innovation Council, which will help identify and fund innovations through two main funding instruments, one for early stages and the other for development and market deployment.

According to the budget proposals, new European Union-wide research and innovation missions will be supported by Horizon Europe. The missions could vary from the fight against cancer, to clean transport or plastic-free oceans.

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