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European Union to Invest 200 Billion Euros in Artificial Intelligence
Announcement by Ursula von der Leyen: an ambitious plan to develop AI in Europe
During the AI Summit Action in Paris, European Commission President Ursula von der Leyen announced an unprecedented initiative called InvestAi. This project will represent the world’s largest public-private partnership for the development of reliable artificial intelligence. ‘The EU executive will focus on industrial applications,’ von der Leyen explained, ’and we can supplement this with EUR 50 billion, which is on top of the EUR 150 billion of the AI Champions Initiative. We therefore aim to mobilise a total of EUR 200 billion of investment for AI in Europe,’ he added, including a new EUR 20 billion European fund dedicated to artificial intelligence gigafactories.
Benefits expected from AI in Europe
According to von der Leyen, ‘artificial intelligence will improve our healthcare, boost our research and innovation, and strengthen our competitiveness. We want artificial intelligence to be a positive force for growth, through our European approach based on openness, cooperation, excellence and talent’. However, he emphasised that the approach needs to be strengthened, which is why the European Commission, together with member states and partners, will mobilise unprecedented capital through InvestAi.
A CERN-like project for AI
Von der Leyen compared this unique public-private partnership to a CERN for artificial intelligence, enabling scientists and companies to develop the most advanced large-scale models needed to make Europe a leading continent in AI.
Non-accession of the US and UK
The US and the UK did not sign the declaration for ‘open’, ‘inclusive’ and ‘ethical’ artificial intelligence, which was instead signed by 61 countries, including China, France and India. The signatories emphasised the need for enhanced coordination of AI governance and global dialogue, also calling for the avoidance of concentration of technology to make it more accessible.
Observatory on the Energy Impact of AI
During the summit, the creation of an observatory on the energy impact of AI, led by the International Energy Agency, and a coalition for sustainable AI that will bring together leading companies in the field was formalised. ‘We are laying the foundations for what AI will become, the keys to trust,’ commented French President Emmanuel Macron.
US position
Speaking at the summit, US Vice President JD Vance defended his country’s position, warning that ‘over-regulation’ of AI could kill a booming industry. ‘We will make every effort to encourage pro-growth artificial intelligence policies. The United States is a leader in artificial intelligence and our administration wants to keep it that way,’ Vance said.
European Investment Bank support
Nadia Calviño, President of the European Investment Bank, emphasised the importance of supporting AI as a key driver of innovation and productivity in Europe. The EU’s InvestAi fund is expected to finance four future artificial intelligence gigafactories across the EU, specialising in training complex and advanced AI models. InvestAi will include a stratified fund with different risk and return profiles, reducing the risk for investment by other partners through the EU budget.
Contributions from Existing Funding Programmes
The initial funding for InvestAi will come from existing EU funding programmes with a digital component, such as the Digital Europe programme, Horizon Europe and InvestEu. Member States will also be able to contribute through the programming of funds from their cohesion envelopes.
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