The European Union recommended a US $22 billion (Eur 17.5 billion) funding of research initiatives that will cover a variety of industries. The financial support seeks to expand programs backed by industry and governments.

A Bloomberg report accounts that the European Commission proposed to finance a Eur 4 billion venture for cleaner aircraft, a Eur 4.8 billion project for electronic components development, a Eur 3.5 billion proposal for medicines, a Eur 3.8 billion program for renewable natural resources and a Eur 1.4 billion project for hydrogen-powered cars.

The public and private partnerships scheme for research and development of EU started in 2007 and seeks to defeat fragmentation in Europe by fixing EU funds and attracting businesses to invest more.

"These initiatives not only strengthen our economy, they are an investment in a better quality of life," EU Research Commissioner Maire Geoghegan-Quinn said

 "Working together will enable us to tackle issues that no one company or country can deal with alone," Geoghegan-Quinn added.