The European Commission on Friday, October 27 announced how it will spend €30 billion of the EU research and innovation funding programme Horizon 2020 during 2018-2020, including €2.7 billion to kick-start a European Innovation Council.

Horizon 2020, the EU's €77 billion research and innovation funding programme, supports scientific excellence in Europe and has contributed to high-profile scientific breakthroughs such as the discovery of exoplanets and gravitational waves. Over the next 3 years, the Commission will seek greater impact of its research funding by focusing on fewer, but critical topics such as migration, security, climate, clean energy and digital economy. Horizon 2020 will also be more geared towards boosting breakthrough, market-creating innovation.

Carlos Moedas, Commissioner for Research, Science and Innovation, said: "Artificial Intelligence, genetics, blockchain: science is at the core of today's most promising breakthrough innovations. Europe is a world leader in science and technology and will play a major role in driving innovation. The Commission is making a concerted effort – including with the European Innovation Council which takes its first steps today – to give Europe's many innovators a springboard to become world leading companies."

Since the beginning of its mandate, the Juncker Commission has been working hard to give Europe's many innovative entrepreneurs every opportunity to thrive. Now, the Commission is launching the first phase of the European Innovation Council.Between 2018 and 2020, the Commission will mobilise €2.7 billion from Horizon 2020 to support high-risk, high-gain innovation to create the markets of the future. Moreover, Horizon 2020 will make better use of its "crack the challenge" prizes to deliver breakthrough technology solutions to pressing problems faced by our citizens.