By Professor Dame Fiona Murray, Vice-Chair of the Board; Patrick Schneider-Sikorsky, Partner; Brooke Latham, Head of Sustainability

As world leaders in government, business and academia convene at the World Economic Forum against the backdrop of an ever-evolving geopolitical landscape, building a secure future for Europe must be a priority on the agenda.

Defence, security and resilience are the foundation of our society, protecting our values, institutions and democracies; providing deterrence; and promoting peace.

Yet, in the past several decades of the post-Cold War era, European Allies significantly reduced their investment in defence. The industry has gained a negative perception, hindering Europe and the UK’s ability to respond to the evolving geopolitical environment.

Russia’s invasion of Ukraine and China’s rapid advancements in military technology have exposed our shortcomings in technological innovation, resilient industrial base for scaled production, and flexible procurement. Europe will continue to be further exposed to the impact of rising geopolitical tensions if it does not invest in its defence, security, and resilience.

The region is in a position to lead in this sector. However, to be a leader, it must ensure that it focuses on three key challenges:

1) Create the conditions for greater private capital flows to defence and dual-use innovation. This requires a revisiting of financial institutions’ exclusion lists which currently hinder the sector’s production, capacity and innovation.

2) Ensure European ministries of defence integrate emerging technologies in their defence and security infrastructure. Deep tech dual-use technologies have an important role to play in securing the future of Europe in the next decades. However, adoption pathways of these technologies today are limited, and the process of procuring them can be lengthy and difficult to navigate.

3) Incorporate responsible use standards to ensure the industry is conducted with safety and ethical principals at its core. Emerging technologies present ample opportunities and equal risks. Our approach to developing and deploying them must balance innovation with trust, accountability and responsible conduct.

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