World leaders pledge 7.4 billion euros for coronavirus vaccine research

5th May 2020

It is just the beginning of what will need to be a sustained effort to beat the virus

World leaders, organisations and banks have reportedly pledged 7.4 billion euros for research to find a vaccine against COVID-19 at a video-conference summit hosted by the European Union yesterday.

Warning that it is just the beginning of what will need to be a sustained effort to beat the virus, several European leaders, as well as heads of state and government from Australia, Canada, Israel, Japan, Jordan, South Africa and Turkey spoke at the event, along with China’s EU ambassador. The United States and Russia were notably absent. 

The aim of the summit was initially to gather around 4 billion euros for vaccine research, some 2 billion euros for treatments and 1.5 billion for testing, although U.N. Secretary-General Antonio Guterres said that the target being sought would only ever amount to a “down-payment” on the tools that will be needed to fight the virus long term.

“In the space of just a few hours we have collectively pledged 7.4 billion euros for vaccines, diagnostics and treatments,” European Commission President Ursula von der Leyen said after the event yesterday. “All this money will help kick-start unprecedented global cooperation.”

British Prime Minister Boris Johnson said that “the race to discover the vaccine to defeat this virus is not a competition between countries, but the most urgent shared endeavour of our lifetimes." 

This comes against a backdrop of many people across the globe cautiously returning to work this week, while authorities remain vigilant of a potential second wave of infections, with many agreeing that a vaccine is the only real way normal life can resume. 

It has been reported that around 100 research groups are currently in pursuit of a coronavirus vaccine, with some reaching the early stages of human trials. Despite this, it remains impossible to predict when – and if – a safe vaccine will be discovered.


6th May 2020

'The private sector understands its responsibility to deliver on sustainability commitments, but this could only be done with the right support and by ensuring a competitive European economy.'


5th May 2020

The committee’s ultimate objective is to develop strategic initiatives which will need to be undertaken in the short, medium and long terms to address what many are calling the new normal.


4th May 2020

The Chamber is prepared to consult appropriately with the competent authorities in order to give its views and recommendations on the matter with immediate effect but asks for the draconian measure announced yesterday to be withdrawn.


1st May 2020

The Chamber now looks forward to the guidelines which will be published by the country’s public health authorities in order to guide retail operators in following all the rules which will be published by the same authorities.