Our future prosperity will depend on our innovation and competitiveness. The EU’s current R&D investment is insufficient, putting us behind in the global innovation race. Despite a 100 billion budget, Horizon Europe only represents a small amount of EU total R&I. Reaching 3% only by 2030 (the current target) is too late. We propose advancing the goal of allocating 3% of the EU’s GDP to R&I to 2027. Given the many challenges that Europe faces, such as climate change and the digital transformation, we must structurally strengthen the European budget, including with more own resources and dedicated funding for new technologies, research and innovation. Renew Europe has pushed for this to be included in the 2025 budget guidelines. Increasing the MFF would enable the EU to undertake more ambitious and transformative projects that can drive innovation, sustainability, and social cohesion across the Union.