New EU Commission Wants to Increase Investment for Cleantech and Further Promote Research and Innovation

Ursula von der Leyen was re-elected as European Commission president after a speech in the European Parliament in Strasbourg presenting her political guidelines for the next five years. She needed to secure at least 360 votes and managed to get 401 votes in favour out of the 707 members who participated, while 284 voted against, 15 abstained, and seven ballots were void.

In her political priorities for the next EU 2024-2029 mandate, she emphasized the need to boost Europe’s competitiveness through massive investment. “This mandate is the time for investment,” she said to MEPs.

Von der Leyen proposed a series of measures to improve access to capital for EU companies, saying Europe needs “liquid capital market and a competition policy that support companies to scale up” because strategic technologies “must be made in Europe,” and that innovative companies remain in Europe, she told the European Parliament.

The new Commission also wants to put research and innovation at the heart of Europe’s competitiveness. The political guidelines outline the ambition to increase research spending to focus more “on strategic priorities, on groundbreaking fundamental research and disruptive innovation, and on scientific excellence.”

Von der Leyen announced that she will put forward a new European Competitiveness Fund as part of the new EU budget in the next multiannual financial framework to leverage and de-risk private investment for strategic technologies including AI, space, biotech, and cleantech.

This new fund will support Important Projects of Common Interest (IPCEIs) as it has been done with batteries, hydrogen and microelectronics. A first new set of common projects is expected to be proposed in early 2025.

The FIA welcomes these new political priorities in Europe, calls on the Commission to support fusion energy as part of this new European Competitiveness Fund, and looks forward to partnering with the new Commission and share its expertise.

July 19th, 2024