EU focuses on artificial intelligence and chips and thinks sovereign wealth fund for tech and sustainable projects
Brussels proposes two regulations to boost microprocessors and AI, accompanied by an investment fund to support innovation and digital infrastructure
From our correspondent Beda Romano
BRUSSELS - The European Commission today, Wednesday 3 June, presented two pieces of legislation, one dedicated to the production of microprocessors, and the other aimed at promoting the development of artificial intelligence. The desire is to strengthen the autonomy and sovereignty of the European Union in new technologies, so much so that Brussels has launched the innovative idea of creating a sovereign fund that would have the task of investing in strategic sectors.
"This package marks a significant turning point in Europe's approach to technology sovereignty," said European Commission Vice-President Henna Virkkunen. "It is time for Europe to take control of its data, its supply chains and its future in a clean and sustainable way. We are strengthening Europe's digital autonomy and resilience, while keeping our economy open to partners around the world'.
Chips Act 2.0
As mentioned, the initiative comprises two legislative texts. The Chips Act 2.0, which comes three years after the first Chips Act, is to serve "to promote the production in Europe of the microprocessors indispensable for artificial intelligence". The legislation 'must serve to speed up the granting of authorisations, strengthen cooperation with like-minded partners and introduce a new brand of excellence for European semiconductor regions'.
The second regulation, the name in English is the Cloud and AI Development Act, should enable the capacity of data centres in Europe to be tripled within five to seven years. The EU executive explains in the documentation published today: 'The legislation will support research and innovation in leading-edge and sustainable technologies, reconciling artificial intelligence ambitions with climate commitments.
Sovereign Wealth Fund to finance innovation
To strengthen technological sovereignty, Brussels is aware that money is needed, a lot of money. In a communication attached to the two legislative proposals, Brussels speaks of a 'clear weakness' in this field. It therefore proposes to endow the Union with a equity capacity for financing through venture capital (equity capacity, in English), i.e. a sovereign wealth fund that would be called upon to invest shares in energy, biotechnology and state-of-the-art technology companies.
