The Federation of Austrian Industries (IV) has warned against excessive greenhouse gas targets ahead of the European Council meeting on Thursday and Friday.

The IV said at a press conference in Vienna Wednesday that rigid CO2 emissions objectives would shrink competitiveness, and called instead for a more comprehensive climate and energy policy based on a greater number of goals, Austria Press Agency reported.

IV President Georg Kapsch also said excessive emissions targets would weaken Europe's industrial base, and that a unilateral commitment to a reduction of greenhouse gases by 40 percent to 2030 is counterproductive.

He called for an "EU industry pact," which should include various measures in the strategic development and evaluation of the re-industrialization of Europe. An annual energy policy summit involving heads of state and government must take place as well, he added.

The organization expects the March 20-21 summit to make substantial preliminary decisions on energy and climate policy, and thus joined with other partners such as the Economic Chambers, the Trade Union Federation, and the Chamber of Agriculture in writing a letter to Chancellor Werner Faymann and Vice-ChancellorMichael Spindelegger in listing their various demands. Endi