The European Commission recently announced that the Horizon 2020 research and innovation program will receive $20.7 billion in funding for job-creation projects over the next two years.
The program launched last week after calls for projects seeking funding were announced. Over the next seven years, universities, research groups and companies will receive $110.5 billion to fund research and innovation related to new products and services.
The program is designed to promote scientific breakthroughs and to attract private and seed funding to help facilitate the movement of developments to market.
The EC said the fund will focus on 12 different areas in 2014 and 2015, including personalized healthcare, smart cities and digital security. Scientists will receive grants under the program through the European Research Council, and younger researchers will have access to fellowship opportunities.
Small and mid-sized businesses will receive $690.8 million from 2014 to 2015 through a new SME instrument. Funding will also be allocated to help stimulate debate on the role of science in society.
Most of the program’s budget—at least 60 percent—will promote sustainable development, and at least another 35 percent will be dedicated to climate-related innovations.