Strategic Technologies for Europe Platform (STEP)

Regulation (EU) 2024/795 establishing the Strategic Technologies for Europe Platform

Background and Scope

STEP emerges against a backdrop of significant challenges facing EU industry, including high inflation, labor shortages, post-COVID supply chain disruptions, the war in Ukraine, and rising energy costs. The platform builds upon existing initiatives such as the Green Deal Industrial Plan and the Net-Zero Industry Act, providing a more structural answer to investment needs whilst safeguarding cohesion and preserving the internal market’s level playing field.

The regulation targets three critical technology sectors:

• Digital technologies and deep tech innovation, including contributions to Digital Decade Policy Programme 2030 targets
• Clean and resource efficient technologies, encompassing net-zero technologies as defined in the Net-Zero Industry Act
• Biotechnologies, including medicinal products on the Union list of critical medicines

To qualify as “critical”, technologies must either bring innovative elements with significant economic potential to the internal market or contribute to reducing the Union’s strategic dependencies. The Commission provides guidance on how technologies within these sectors achieve critical status.

STEP mobilizes resources within existing Union programs, including InvestEU, Horizon Europe, the European Defense Fund, and various cohesion funds, with an additional EUR 1.5 billion allocated specifically for STEP objectives. STEP also introduces an EU label for high quality projects, a STEP Seal, granting projects visibility and facilitating access to other sources of funding.

STEP is an approach to strengthening EU technological sovereignty whilst fostering innovation and competitiveness. With its focus on critical technologies, streamlined funding mechanisms, and governance framework, the platform positions the EU to address strategic dependencies and secure its position in the global technology landscape. Companies can benefit from STEP financial products including both debt and equity.