In June 2023, the European Commission tabled a proposal for a regulation establishing a new strategic technologies for Europe platform (STEP). STEP would rely on the reprogramming of funds under existing EU instruments. It would also come with an additional budget of €10 billion. Overall, the platform could leverage up to €160 billion in investment, of which €110 billion would be triggered by the top-up. STEP would direct funding to strategic projects supporting the development and manufacturing of deep and digital technologies, clean technologies and biotechnologies, and the strengthening of their value chains, to meet the challenges of the green and digital transitions.