The next EU budget could swing away from agricultural policy and towards durable economic growth, the climate and Europe’s place in the world.

A draft 2008-2009 budget review from the European Commission lists three new priorities for the €130 billion annual EU budget – sustainable growth and jobs; climate and energy, and a global Europe.

The review specifically notes that the public consultation carried out prior to the drafting of the document highlighted climate change and energy security as two of the areas that should get more EU funds.

Among other moves, the new budget would re-direct the 45% of the EU budget that currently gets swallowed up by the Common Agricultural Policy, and replace the tax-based EU funding system with one in which countries choose what to invest and can ask for a return commensurate with that investment.

The Commission is to table the final budget proposal by the end of this year.