The EU faces significant challenges in scaling up and commercializing innovative ideas due to fragmented and inefficient public Research & Innovation (R&I) support, according to the Future of European Competitiveness report by Mario Draghi—former European Central Bank President and one of Europe’s great economic minds. This issue, coupled with more attractive and predictable rules elsewhere, has led many EU companies to seek funding outside the region.
To remain globally competitive, Europe must simplify and integrate its R&I funding landscape, particularly in the chemical industry, which requires substantial investment to drive technological advancements in climate neutrality, circularity, and sustainability. The Clean Industrial Deal (CID) outlines a plan for industrial decarbonization and competitiveness, but it can only succeed if Europe’s funding mechanisms evolve to support the scaling of innovation.
Cefic has published a position paper highlighting key actions to improve the EU’s R&I funding, including improving predictability for high-tech projects, integrating European and regional funding for seamless financing from proof of concept to market entry, and reducing administrative burdens. It also calls for creating a dedicated R&I fund for strategic sectors and advocates for a “one-stop-shop” platform—modeled after the Strategic Technologies for Europe Platform (STEP)—to simplify funding applications and promote co-financing.
Simplifying processes, reducing administrative burdens, and providing clearer funding pathways are crucial to accelerate innovation, foster industrial transformation, and ensure Europe’s long-term competitiveness in the global market.
- The European Chemical Industry Council (CEFIC), Brussels, Belgium
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