EU And Industry Partner On $28 Billion Initiative | Chemical & Engineering News
Volume 91 Issue 28 | p. 14 | Concentrates
Issue Date: July 15, 2013

EU And Industry Partner On $28 Billion Initiative

Department: Business
Keywords: European Union, European Commission, research partnerships

The European Union will join with industrial partners in a new $28 billion research program in medicines, biobased chemistry, fuel cells, electronics, and aerospace. The EU and member states will come up with 55% of the funding; the rest will be contributed by industrial partners. Most of the programs continue ongoing EU initiatives. However, the initiative in biobased chemistry is new and will command $4.9 billion in funding, 74% of which will come from industry. Among other goals, it aims to foster sustainable biomass supplies and optimize biorefining. Enzymes developer Novozymes says it will be among the 48 firms participating in the program. One focus of the medicines program, which has a $4.4 billion price tag, is degenerative diseases. The fuel cells initiative will get $1.8 billion in funds in the hope of reducing the cost of the systems by a factor of 10. “Working together will enable us to tackle issues that no one company or country can deal with alone,” says Máire Geoghegan-Quinn, European commissioner for research, innovation, and science.

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