Category: Innovation & Technology

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New rules and actions for excellence and trust in Artificial Intelligence

The Commission proposes today new rules and actions aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI). The combination of the first-ever legal framework on AI and a new Coordinated Plan with Member States will guarantee the safety and fundamental rights of people and businesses, while strengthening AI uptake, investment and innovation across the EU. New rules on Machinery will complement this approach by adapting safety rules to increase users’ trust in the new, versatile generation of products.

Margrethe Vestager, Executive Vice-President for a Europe fit for the Digital Age, said: “On Artificial Intelligence, trust is a must, not a nice to have. With these landmark rules, the EU is spearheading the development of new global norms to make sure AI can be trusted. By setting the standards, we can pave the way to ethical technology worldwide and ensure that the EU remains competitive along the way. Future-proof and innovation-friendly, our rules will intervene where strictly needed: when the safety and fundamental rights of EU citizens are at stake.”

Commissioner for Internal Market Thierry Breton said: “AI is a means, not an end. It has been around for decades but has reached new capacities fueled by computing power. This offers immense potential in areas as diverse as health, transport, energy, agriculture, tourism or cyber security. It also presents a number of risks. Today’s proposals aim to strengthen Europe’s position as a global hub of excellence in AI from the lab to the market, ensure that AI in Europe respects our values and rules, and harness the potential of AI for industrial use.”

The new AI regulation will make sure that Europeans can trust what AI has to offer. Proportionate and flexible rules will address the specific risks posed by AI systems and set the highest standard worldwide. The Coordinated Plan outlines the necessary policy changes and investment at Member States level to strengthen Europe’s leading position in the development of human-centric, sustainable, secure, inclusive and trustworthy AI. Continue reading “New rules and actions for excellence and trust in Artificial Intelligence”

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First equity investments in breakthrough innovations

The Commission has announced the first round of direct equity investment through the new European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium-sized businesses (SMEs) will together receive equity financing of around €178 million to develop and scale up breakthrough innovations in health, circular economy, advanced manufacturing and other areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is investing.

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “Europe has many innovative, talented start-ups, but too often these companies remain small or relocate elsewhere. This new form of financing – combining grants and equity – is unique to the European Innovation Council. It will bridge the funding gap for highly innovative companies, unlock additional private investments and enable them scale up in Europe.”

The equity investments, ranging from €500.000 to €15 million per beneficiary, complement the grant financing, which has already been provided through the EIC Accelerator Pilot to enable companies to scale up faster. This is the first time the Commission has made direct equity or quasi-equity investments, namely equity investment blended with a grant, in start-up companies, with ownership stakes expected to range from 10% to 25%. Continue reading “First equity investments in breakthrough innovations”

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Blockchain technologies and the mining industry : a shared future

At the webinar organised by the Consultative Commission on Industrial Change (CCMI), EESC members, external delegates and stakeholders of the mining industry assess the impact of new technologies in the sustainable production of raw materials, highlighting benefits, limitations and potential risks from a social point of view.

Blockchain technologies are an important step forward in the mining industry and could represent a new solution for future mining activities, but the digital transition should be carefully managed, taking into account the social consequences. This was the main message from the online round table organised by the Consultative Commission on Industrial Change (CCMI) of the European Economic and Social Committee (EESC) on 14 December 2020.

Mining companies which embraced the digital transition have recorded improvements in terms of safety, sustainability, productivity and profits. More specifically, blockchain represents the future in this area, but its governance needs to be discussed and established. In addition, we need to minimise the social and territorial imbalances brought about by the transformation of activities and in the broader framework of the new Green Deal and circular economy changes, said Pietro De Lotto, CCMI president, welcoming the guests.

This was echoed by Hilde Van Laere, CCMI member: Blockchain is at the heart of the digital transition and has the potential to transform businesses and the whole of society, not only the mining industry. It has digitally changed every enterprise in every sector and has also transformed the context of mining. With its capacity to provide security and transparency in business transactions, as well as to record changes to documents and business agreements, blockchain technology has extremely useful applications in mining. Continue reading “Blockchain technologies and the mining industry : a shared future”