BRUSSELS - The European Commission earmarked nearly 100 billion euros ($118 billion) on Thursday for research and innovation between 2021 and 2027.

Horizon Europe, hailed by the Commission as its "most ambitious research and innovation program", was proposed to receive funding of 97.6 billion euros.

The program will feature a European Innovation Council, which will help identify and fund innovations through two main funding instruments, one for early stages and the other for development and market deployment.

According to the budget proposals, new European Union-wide research and innovation missions will be supported by Horizon Europe. The missions could vary from the fight against cancer, to clean transport or plastic-free oceans.

A total of 2.4 billion euros was proposed for the Euratom research and training program, which funds research and training on nuclear safety, security and radiation protection.

The proposed spending is part of the next long-term EU budget, which will need a go-ahead of the Council of the EU and the European Parliament.