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European Commission to provide €16 billion for innovation

European Commssion flagsBRUSSELS: The European Commission (EC) is to invest almost €16 billion in research and innovation in the next two years in a bid to stimulate job growth. The program will include €670 million to develop Sustainability via the circular economy.

Speaking in Scotland in early October, the Commission's director of Green Economy Kęsţutis Sadauskas said the long-awaited 'Circular Economy Package' will be released on December 02. 

Additional EC research funding by 2017 will include €1 billion to support the modernization of Europe's manufacturing sector; €100 million for technologies and standards for automatic driving; €740 million for research and innovation activities in nearly 2,000 SMEs; the 'Internet of Things' will get a further €139 million; and €232 million will be allocated for Smart and Sustainable Cities to better integrate environmental, transport, energy and digital networks.

In light of the current migrant crisis, the Commission has assigned €8 million for research on the security of EU's external borders to help identify and prevent human trafficking and smuggling; €27 million for the new technologies to help prevent crime and terrorism and €15 million for research into the origin and impact of migration flows in Europe.

Carlos Moedas, commissioner for Research, Science and Innovation said: "Research and innovation are the engines of Europe's progress and vital to addressing today's new pressing challenges like immigration, climate change, clean energy and healthy societies. Over the next two years, €16 billion will support Europe's top scientific efforts, making the difference to citizens' lives."

The Commission says €77 billion over seven years is being invested in partnerships with the pharmaceutical, aerospace, car and electronics industries in support of future growth and high-skilled job creation.

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