Moving to a more ambitious target of cutting CO2 emissions by 30% by 2020, from the present 20% goal, wouldn't make sense at the moment, as not all the conditions are right, the European Commissioner for Climate Action said Wednesday.

"Are the conditions right now, would it make sense in this moment? My answer would be 'no'," Connie Hedegaard said during a press conference.

The European Union has said it is ready to move to a 30% cut in CO2 emission by 2020 from 1990 levels, if other countries worldwide make comparable commitments, and Hedegaard presented Wednesday a report which analyzes the costs and impact of raising the target.

Hedegaard also said even if Europe is heading out of the economic crisis, prices for allowances to emit CO2 aren't likely to increase significantly to 2020, putting in danger a major incentive for green investments.

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