Horizon Europe 2024: A Beacon of Innovation with Increased EU Budget Allocation


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Horizon Europe 2024: A Beacon of Innovation with Increased EU Budget Allocation
13. July 2023 News

Horizon Europe 2024: A Beacon of Innovation with Increased EU Budget Allocation

The European Commission has recently proposed a draft for the EU budget for 2024, with a significant emphasis on research and innovation. The total proposed budget stands at €189.3 billion, with Horizon Europe, the EU's flagship research and development (R&D) funding programme, set to receive a substantial portion.

Horizon Europe is dedicated to tackling global challenges such as climate change and achieving the UN's Sustainable Development Goals. It aims to strengthen the impact of research and innovation in developing, supporting, and implementing EU policies. The programme also plays a crucial role in promoting industrial competitiveness, creating jobs, and optimising investment impact within a strengthened European Research Area.

The programme is earmarked to receive €12.8 billion, a €400 million increase from the previous year. This increase underscores the EU's commitment to fostering a culture of innovation and research, despite the economic challenges posed by rapidly rising inflation and other exceptional difficulties faced in recent years.

The EU's dedication to research and innovation is further highlighted by the allocation of funds for the European Chips Act, a strategic initiative aimed at strengthening the EU's technological capabilities and competitiveness. The draft budget proposes reallocating funds from other programmes to support this initiative, demonstrating the EU's strategic focus on technology.

In addition to the budget allocated to Horizon Europe, the EU plans to complement the 2024 budget with €113 billion in grant payments under the Next Generation EU. This post-pandemic recovery instrument will provide additional support for the EU's various priorities, including research and innovation.

The proposed budget for 2024 is a part of the Union's long-term budget, adopted at the end of 2020, with subsequent adjustments. The EU aims to translate its priorities into annual results, with a commitment to dedicate 30% of the long-term budget and the Next Generation EU recovery instrument to the fight against climate change.

The increased funding for Horizon Europe in 2024 is a testament to the EU's belief in the transformative power of research and innovation. It sends a clear signal to researchers and innovators across the EU about the importance of their work in driving economic growth and societal progress.

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