Strategic technologies for Europe platform (STEP)

In June 2023, the European Commission tabled a proposal for a regulation establishing a new platform for strategic technologies for Europe (STEP). STEP would rely on the reallocation of funds under existing EU instruments. It would also come with an additional budget of €10 billion under the EU's multiannual financial framework (MFF). Overall, the platform could leverage up to €160 billion in investment. STEP would direct funding to strategic projects that develop or manufacture deep and digital technologies, clean technologies and biotechnologies, and strengthen their value chains. This would help the EU not only to meet the challenges of the green and digital transitions but also to limit or prevent strategic dependencies. STEP would be a test for possible further steps towards a European sovereignty fund. On 7 February 2024, the Parliament and the Council reached a provisional agreement on the proposal. The agreed text requires formal adoption by both institutions. Parliament is due to vote on it during its second plenary session of February 2024. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.