Strategic technologies for Europe platform (STEP)

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4.8 • 13 Ratings

🗓️ 17 November 2023

⏱️ 5 minutes

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Summary

In June 2023, the European Commission tabled a proposal for a regulation establishing a new strategic technologies for Europe platform (STEP). STEP would rely on the reprogramming of funds under existing EU instruments. It would also come with an additional budget of €10 billion. Overall, the platform could leverage up to €160 billion in investment, of which €110 billion would be triggered by the top-up. STEP would direct funding to strategic projects supporting the development and manufacturing of deep and digital technologies, clean technologies and biotechnologies, and the strengthening of their value chains, to meet the challenges of the green and digital transitions.

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Transcript

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0:00.0	Welcome to the European Parliamentary Research Service Podcasts.
0:05.0	The European Union wants to secure sufficient funding for critical technologies such as microelectronics, renewable energy or biotechnologies,
0:15.0	to cut dependencies from third countries and be able to meet the demands of the green and digital transitions.
0:21.6	But how is the EU going to achieve this? Stay with us.
0:25.6	Competition for global tech dominance is raging, especially for mastery of key technologies,
0:33.6	such as artificial intelligence, 5G, quantum technologies, semiconductors, clean and biotechnologies.
0:43.3	But these policies require massive investments. That's why major economies around the world,
0:50.1	from China to the US, Japan, India or Korea have been setting up some form of scheme to support their industries, and the EU is on the same path.
1:01.5	Over the past years, and aware of the need to boost the competitiveness of the European economy, the EU has put forward several initiatives to support its industry, such as the Chips Act or the Critical Raw Materials Act.
1:15.1	Yet, the EU still lacks a more structural answer to match the vast investment needs of its industries.
1:21.9	To bridge this gap, in June 2023, the European Commission proposed to set up a strategic technologies for Europe platform, or Step, in short.
1:32.4	Now, what will Step do?
1:34.2	Essentially, Step would strengthen Europe's manufacturing capacity of critical technologies, their value chains, and ensure there are enough people who actually know how to develop, produce and use them.
1:46.0	So what technologies are we talking about?
1:48.0	Well, it's mainly about deep and digital technologies, including microelectronics, quantum computing and AI.
1:56.0	Clean technologies, including renewables, hydrogen and sustainable fuels, and biotechnologies, including
2:02.8	pharma and medical technologies.
2:05.6	By proposing to reprogram funds under existing EU instruments and adding an extra 10 billion
2:11.9	euros, the European Commission aims to generate up to 160 billion euros of new investments in the coming years.
2:20.1	In a sense, Step would be a test and a possible first step towards a fully-fledged European
2:26.2	sovereignty fund, as initially announced by Ursula von der Leyen, during her 22 state-of-the-union
2:32.6	speech.
	...

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