Europe’s R&D Budget

On Nov. 21, the European Parliament approved a €77 billion ($104 billion) budget for Horizon 2020, the region’s research and innovation program for 2014 to 2020. The new budget represents an increase from the previous budget of €55 billion ($74 billion) from 2007 to 2013. The European Research Council, which funds basic research in the region, will receive €13 billion ($17.5 billion) of the Horizon 2020 budget, a 75% increase from the previous funding period. The remaining Horizon 2020 budget will support a variety of research and innovation programs, including funding industrial research at small and medium-sized enterprises as well as paying for research—in areas such as green energy, sustainable forestry, food security, and climate change—that helps resolve contemporary societal challenges.