The European Union should set three binding targets and have a functioning carbon market to build an effective climate policy to 2030, top EU officials said Wednesday.

"We are convinced that we need binding targets because it's only binding targets that are effective," Energy Commissioner Guenther Oettinger said in a press conference.

"It is imperative that we have a (CO2) price signal that works," Climate Commissioner Connie Hedegaard said during the same press conference.

The EU is starting the debate on how to shape its climate policy for the next decade, building on what it is doing to 2020 but also taking into account the impact that the economic crisis has had on national budgets and on business acceptance of a policy sometimes perceived as an additional cost.

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