The innovation and research programme has a budget of nearly €80 billion (£67 billion) over seven years, spread across three pillars: excellent science, societal challenges and industrial leadership. The excellent science strand encompasses grants and fellowships from the European Research Council and Marie Skłodowska-Curie Actions programme. There is also funding for research infrastructure and emerging technologies.
The societal challenges, which have been agreed by the European Parliament and the European Council, include food security and climate change. The industrial leadership pillar offers finance for businesses through grants, the European Investment Bank and other intermediaries.
Source: European Commission