European Autonomy: A Structural Shift Creating Long-Term Opportunities
Europe’s drive for strategic autonomy is moving from policy ambition to investment reality. As public and private capital flows into energy, defence, technology, healthcare and critical materials, Candriam sees a multi-year opportunity for selective equity investors able to identify the companies supporting Europe’s resilience and industrial transformation.
Recent geopolitical tensions in the Middle East have triggered renewed energy and supply shocks in Europe, exposing the continent’s reliance on external dependencies. What was once a policy ambition, European autonomy is now being translated into funding and industrial action. For equity investors, this marks a turning point as autonomy has become a structural capital allocation driver.
From narrative to execution
Global fragmentation, geopolitical tensions and recurring supply shocks continue to challenge Europe’s traditional model, built on open trade and external dependencies. European autonomy represents a structural transformation away from this model. Once only a concept, it is now moving towards execution. Autonomy ambitions are translated into industrial strategy, regulation and investment decisions. This shift is what turns a narrative into an investable reality across key domains such as energy systems, industrial capacity, healthcare resilience, defence and strategic technologies.
Scaling up Europe’s response
The scale of Europe’s response is becoming tangible and accelerating. According to the Draghi report, achieving strategic autonomy is estimated to require around €750–800 billion[1] of additional investment per year, spanning energy, defence, technology, and industrial capacity.
Defence provides the clearest illustration of this shift. The current European framework enables up to €800 billion[2] in defence spending, including €150 billion through the SAFE (Security Action for Europe) instrument to support joint procurement. Initial SAFE approvals amount to tens of billions of euros, with total commitments expected to exceed €100 billion[3] across Member States.
This acceleration extends beyond defence. Recent allocations through the Connecting Europe Facility will provide financing for cross-border energy infrastructure projects, reinforcing investments in electricity and hydrogen infrastructure, interconnections and electrification. At the same time, EU initiatives in areas such as nuclear research, healthcare preparedness and key enabling technologies are being scaled up, reflecting a broader push to strengthen domestic capabilities.
Supply chain resilience is also moving up the agenda. Europe is increasing efforts to secure access to critical raw materials, both domestically and through external partnerships. Recent trade agreements, including those with Australia, explicitly aim to diversify sourcing and reduce reliance on concentrated or unstable supply chains. This underlines a key shift: autonomy is not about isolation, but about building resilient and trusted networks. Recent geopolitical tensions across the Middle East have once again highlighted the continent’s critical dependencies.
The theme is broadening and becoming increasingly systemic. Defence has entered an industrial phase, energy sovereignty has regained urgency, and strategic sectors such as materials, healthcare and technology are receiving renewed attention.
Ken Van Weyenberg
Ken Van Weyenberg an Weyenberg has been Head of Client Portfolio Management Fundamental Equity since 2025. Since joining Candriam in 2010, his previous roles have included Senior Client Portfolio Manager for Thematic Global Equity, Head of Client Portfolio Management for Private Clients & Asset Allocation, and Senior Investment Specialist in Private Clients & Asset Allocation.
Before joining the asset management industry, Ken spent three years in media and financial journalism at Kanaal Z/Canal Z and Moneytalk & Cash.
Ken holds a Bachelor’s in Journalism from Artevelde Hogeschool Gent, Belgium.
Quentin Duquesne
Quentin Duquesne is an Equity Analyst and Fund Manager within Candriam’s European Equity team. He focuses on the Aerospace and Defence sectors and contributes to the management and co-management of European equity funds through bottom-up portfolio construction, company research and valuation analysis.
He joined Candriam in 2015 and has held several roles within the firm, including Reporting Officer in the Assets & Flows team and Market Intelligence Analyst within Investment Solutions. He later became a Research Equity Analyst covering European equities before being promoted to his current Fund Manager role in 2026.
Quentin holds a master’s degree in management (Finance) from IÉSEG School of Management and completed an MBA in Business in Asia at National Chengchi University. He is both a CFA and CAIA Charterholder.
