Tenerife Unveils €140M Innovation Investment Amid R&D&I Surge
The Cabildo de Tenerife announced its first-ever innovation spending of €140 million, revealing a commitment to dedicate 12.5% of its total budget to R&D&I by 2026 and highlighting its role in creating over 2,200 jobs.
Two years ago, the Innovation department at the Cabildo de Tenerife (Tenerife Island Council) was just a small part of the local government. Now, it's a full department with its own budget. By 2026, about 12.5% of the Council's total budget will go towards Research, Development, and Innovation (R&D&I). Funding for innovation has also grown by 25% since the current term began in 2023.
The island Council recently revealed its innovation spending for the first time, totaling 140 million euros. This took place on Monday, November 24, at the newest Tenerife Science and Technology Park headquarters in Cuevas Blancas (Santa María del Mar), which was inaugurated in November 2024.
The Cabildo de Tenerife reports that 70% of all R&D&I jobs created in the Canary Islands are in Tenerife. This accounts for over 2,200 jobs. This growth is also clear from the number of companies setting up in the Science and Technology Park over the past two years: from 23 companies in 2023 to 63 business initiatives across the public company's three sites by 2025.