The EU's goal for 2030 of cutting greenhouse gases by 40% against 1990 is not realistic, BASF chief Kurt Bock said at an economic conference of the German Christian Democratic Party (CDU).

If the 40% target is approved in autumn it would curb growth in the European economy, Bock said, adding that this contradicts the EU goal of increasing the share of industrial production.

The EU's earlier target was a 20% reduction by 2020.

The CEO of the world's largest chemical producer said he regrets that Germany supports the 40% goal, while other European governments oppose it.

Addressing the subject of hydraulic fracturing or fracking, Bock said "I can only hope that in the CDU reason will prevail." The two Social Democratic members of Chancellor Angela Merkel's cabinet have drafted legislation restricting fracking above 3,000 meters depth.

The BASF chief once again took issue with Germany's phase-out of nuclear energy, saying that the focus on renewables reduces security for chemical producers.

It is also not correct to suggest to the German population that the switch will cost nothing, Bock said. At least from industry's point of view, "exiting nuclear power hurts," he remarked.