(5)In its communication of 11 December 2019 entitled ‘The European Green Deal’, the Commission called for a greater use of ‘green budgeting’ tools to redirect public investment, consumption and taxation to green priorities and away from harmful subsidies. Regulation (EU) 2021/1119 of the European Parliament and of the Councilnote sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to make progress in enhancing adaptive capacity. The Commission committed to working with the Member States to screen and benchmark green budgeting practices. In its communication of 24 February 2021 entitled ‘Forging a climate-resilient Europe — the new EU Strategy on Adaptation to Climate Change’, the Commission pointed to the macro-fiscal relevance of climate change and highlighted the need to increase the Union’s resilience in relation to the impact of climate change. The European Semester provides an additional framework to support such efforts and the Technical Support Instrument, established by Regulation (EU) 2021/240 of the European Parliament and of the Councilnote, offers practical assistance for their implementation.
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