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(3) The Union is committed to achieving the Europe 2020 strategy which set the objectives of smart, sustainable and inclusive growth, highlighting the role of research and innovation as key drivers of social and economic prosperity and of environmental sustainability and setting itself the goal of increasing spending on research and development in order to attract private investment of up to two thirds of total investments, thereby reaching an accumulative total of 3 % of gross domestic product (GDP) by 2020 while developing an innovation intensity indicator. The general budget of the Union should mirror this ambitious goal by making a shift towards funding future-oriented investments, such as research, development and innovation. In this context, the flagship initiative 'Innovation Union' of the Europe 2020 strategy sets out a strategic and integrated approach to research and innovation, setting the framework and objectives to which future Union research and innovation funding should contribute. Research and innovation are also key factors for other flagship initiatives of the Europe 2020 strategy, notably 'Resource-efficient Europe', 'An industrial policy for the globalisation era', and 'Digital Agenda for Europe', and other policy objectives, such as climate and energy policy. Moreover, for achieving the objectives of the Europe 2020 strategy relating to research and innovation, cohesion policy has a key role to play through capacity-building and providing a stairway to excellence.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-03 · Text as adopted (Official Journal); later amendments are not incorporated in this text.