Regulation (EU) 2021/819 on the European Institute of Innovation and Technology (recast) (recast)

What it is

to update the legal base of the European Institute of Innovation and Technology (EIT). PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: the European Institute of Innovation and Technology was established in 2008 by Regulation (EC) No 294/2008 , as amended by Regulation (EC) No 1292/2013 , and has its headquarters in Budapest. Its overall mission is to stimulate sustainable European economic growth and competitiveness by strengthening the innovative capacity of Member States and the Union. The European Parliament adopted by 663 votes to 17, with 19 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on the European Institute of Innovation and Technology (recast). Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission's proposal as follows: The European Institute of Innovation and Technology (EIT) should: - contribute to sustainable economic growth and competitiveness of the EU by strengthening the innovation capacity of the Union and the Member States in order to address major challenges facing society. To this end, it should promote synergies and cooperation between and integration of higher education, research and innovation, to the highest standards, including by fostering entrepreneurship, thereby strengthening innovation ecosystems across the EU in an open and transparent manner; - contribute to the achievement of the EU's strategic priorities and objectives and policies, including the European Green Deal, the Recovery Plan for Europe, the European Data Strategy, the SME strategy for a sustainable and digital Europe and the new Industrial Strategy for Europe, and those related to achieving the Union's strategic autonomy, while maintaining an open economy; - contribute to meeting global challenges, including the achievement of the UN Sustainable Development Goals (SDGs) in line with the principles of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change, and to achieving a net zero greenhouse gas emission economy by 2050 at the latest. For the budgetary period 2021-2027, the EIT should contribute to the achievement of the targets and the specific objectives of Horizon Europe, taking full account of its strategic planning. The EIT should ensure that it is open to new potential partner organisations, in particular SMEs and emerging centres of excellence. It should select and designate Knowledge and Innovation Communities (KICs) and define through partnership agreements the rights and obligations of these KICs, supervise them and provide them with support and strategic guidance, through quality control measures, continuous monitoring and periodic external evaluations of their activities, and take corrective action where necessary. The continuation of existing KICs should be subject to an overall evaluation, which should include monitoring progress towards financial sustainability, as well as…

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