STRASBOURG, France -- The European Parliament on Wednesday approved the new team of the European Commission, led by Germany's Ursula von der Leyen, who will serve her second five-year term as president.

Lawmakers voted 370 in favor, 282 against, with 36 abstentions, giving the green light to the 27-member executive team.

Von der Leyen delivered a speech before the vote on Wednesday. Now the European Council has to formally appoint the new Commission by a qualified majority before the team takes office on Dec 1.

In her speech, von der Leyen unveiled the Competitiveness Compass, marking the first major initiative of the new College of Commissioners. This initiative is grounded in three key pillars: closing the innovation gap, implementing a joint plan for decarbonization and competitiveness, and enhancing security while reducing dependencies, according to von der Leyen.

"We are roughly as good as the U.S. at creating start-ups. But when it comes to scale-ups, we are doing much worse than our competitors," von der Leyen said, underscoring the new Commission's commitment to increasing investment and a sharper strategic focus on innovation.

In terms of decarbonization and competitiveness, "we must and will stay the course on the goals of the European Green Deal", von der Leyen said, vowing to put forward a Clean Industrial Deal within the first 100 days of the mandate.

Von der Leyen also emphasized the critical role of stable and secure supply chains in ensuring economic security.

To bring these initiatives to fruition, von der Leyen pledged a significant increase in investment, streamlined processes, and strengthened efforts to cultivate talents over the next five years.