Tagging is not applied to the entire budget, but for specific parts included in the green bond framework and development asssistance. The Danish approach to green budgeting generally focuses on assesing climate impacts rather than tagging.   The Danish national process for assessing climate impacts can be split in two parts: 1) Impact assessment of new policies and measures: New policies and measures are subject to impact assessment by the Government. The Danish Ministry of Finance has published guidelines for socio-economic evaluation, which was updated in 2017 (link to the text in Danish can be found here: https://fm.dk/udgivelser/2017/august/vejledning-i-samfundsoekonomiske-konsekvensvurderinger/)  The guidance includes a focus on environmental effects. Specifically, it states that whenever new policy initiatives are expected to have an effect on the climate, the impact on CO2-emissions of the concrete policy initiative must be assessed (and where possible shadow prices are calculated).  Calculation of climate impacts are done in collaboration between the Danish Energy Agency with the relevant ministry, where they calculate  the baseline effect of the new policy initiative and the total expected behavioral change.  Guidance from the Ministry of Finance is supplemented by more detailed, technical guidance on estimating environmental impacts (link to the text in Danish can be found here: https://kefm.dk/Media/4/0/Vejledning om vurdering af konsekvenser for klima milj%C3%B8 og natur (2).pdf)  2) Annual assessments:  While the above mentioned calculations remain partial and only take into account the individual policy initiatives, the Danish Climate Law (adopted in 2020) also obliges the government to assess the total impact of the climate policy, assess how far Denmark is from reaching its climate targets and also how the target is planned to be reached. These calculations also take into account how different policy changes affect each other.  There are two central publications in this regard: The Ministry of Climate, Energy and Utilities publishes a yearly climate program which contains a status of how far Denmark is from reaching its EU and national targets by 2025, 2030 and 2050. The climate program also contains calculations on the technical paths to reach the targets and the government’s planned efforts to reach the targets. You can see the latest version here: https://www.regeringen.dk/aktuelt/publikationer-og-aftaletekster/klimaprogram-2021/. The 2020 version was translated into English and published as Denmark’s long term low emissions strategy to the UNFCCC. It is available here: https://unfccc.int/sites/default/files/resource/ClimateProgramme2020-Denmarks-LTS-under-the ParisAgreement_December2020_.pdf. As part of the Climate Program an overview document with impact assessments of possible measures is published. This includes estimates of key economic effects - on business, households, public finances and climate effects. The socio-economic costs and shadow price per tonne of carbon is also included where possible.  By shadow prices, we concretely calculate the cost associated with the reduction in greenhouse gas emissions introduced by a given policy initiative. (Link to the appendix from 2021 in Danish can be found here: https://kefm.dk/Media/637685023210599857/Bilag 1 - Bruttovirkemiddelkatalog_OPDT.pdf) The second central publication is the climate status and forecast published by the Danish Energy Agency, which describes both the development of greenhouse gas emissions from 1990 until the given year and the expected development of the greenhouse gas emissions and energy consumption and use in Denmark going forward to 2035 given the current national and EU-policies – in other words based on a ”frozen policy”-scenario. You can see the latest version here: https://ens.dk/service/fremskrivninger-analyser-modeller/klimastatus-og-fremskrivning-2022.  Apart from this, Denmark is developing a new macro economic model, GreenREFORM, designed to assess the economic and fiscal impact of climate and  environmental policies, as well as the climate and environmental impact of economic policies.  The GreenREFORM model consists of a main dynamic computable general equilibrium model (CGE model) and several sub-models that describe sectors in the economy that are particularly important in terms of climate and environmental impact (for instance, transport and agriculture). The model  describes the total economic activity in Denmark and combines the results of the sub-models.