The EU Parliament Thursday approved the EU's 70.
2 billion euro programme for research and innovation for 2014-2020.
Called "Horizon 2020", the progamme focuses on three pillars: societal challenges, Excellent science, industrial leadership.
Societal challenges focus on investments in health, energy, transport, climate action and freedom and security research projects.
Excellent science gives grants to top-level individual researchers, and investments in future technologies and training for researchers.
Industrial leadership, meanwhile, tackles investments in biotechnology and space technologies, and support for innovative small firms.
The EP earmarked 85 percent of the Horizon 2020 energy budget (around 5.4 billion euro) for non-fossil fuel energy research.
Welcoming the approval, Maire Geoghegan-Quinn, EU Commissioner for Research, Innovation and Science commented that "this is a vote of confidence in the power of EU research and innovation funding. It paves the way for more investment in knowledge and competitiveness in Europe."