BRUSSELS - The European Commission, or the European Union's executive body, on Wednesday proposed allocating 16 billion euros ($18.85 billion) for the new EU Space Program over the years 2021-2027, aiming to maintain and enhance the bloc's leadership in space.

According to the proposals, a total of 9.7 billion euros are slated for Galileo and EGNOS, the EU's global and regional satellite navigation systems. Galileo is the EU's version of the United States' Global Positioning System.

Some 5.8 billion euros are allocated for the EU's earth observation program, Copernicus, which has seven satellites already in orbit for earth observation. More satellites will be launched to help with looking at the environment, such as carbon dioxide.

Moreover, the Commission is also seeking half a billion euros to develop new security components such as a new Governmental Satellite Communication system, which will pool EU member states' secure satellite telecommunications.