Members of the European Parliament (MEPs) have proposed an increased budget of EUR 13 billion for the 'Strategic Technologies for Europe Platform (STEP)'. STEP aims to boost digital, net-zero, and biotechnologies to help the EU transition digitally and achieve net-zero emissions.

It plans to channel up to EUR 160 billion in investments and support key technological value chains, addressing labor and skill shortages while promoting innovation. MEPs call for an interim evaluation by 2025 and the possibility of establishing a fully-fledged European Sovereignty Fund if needed.

This initiative is part of the ongoing revision of the long-term EU budget and is considered vital for enhancing European technological capabilities and reducing external dependency in strategic sectors. MEPs agreed that the STEP should be integrated into next year's annual budget negotiations in November 2023.

Why does it matter?

The proposal to increase the budget for STEP stems from the EU's long-standing recognition of the need to address climate change, ensure energy security, and reduce reliance on fossil fuels. Additionally, it aims to reduce Europe's dependence on external economies, safeguarding its technological sovereignty. This is crucial in an era where geopolitical tensions can impact access to critical technologies and supply chains.