Agreement reached on a climate-focused 2020 EU annual budget
The European Parliament and the Council of the EU have reached an agreement on a strong climate-focused 2020 EU annual budget based on the UK continuing to fully pay into the budget for 2020. The agreement with an overall budget of €168.7 billion (USD $187.3 billion) would increase funding for climate action through research and development and transport and energy infrastructure. In addition, the budget would allocate increased funding for security, migration, and growth and competitiveness.
The Horizon 2020 research program will be allocated €13.5 billion (USD $15 billion) from the annual budget, marking an 8.8% increase from 2019 amounts. Funding for external action, which includes development assistance, will decrease from €11.3 billion (USD $12.5 billion) to €10.3 billion (USD $11.4 billion). This is mostly due to significant reductions in the pre-accession funding for Turkey as Turkey is deemed to be moving farther from EU values. The budget for combatting the root causes of migration to Europe will be reinforced through the North Africa window of the EU Trust Fund for Africa.
Press release - European Commission