The call comes ahead of a meeting of the European Council in Brussels on Thursday, where an agreement on the 2030 energy targets is expected.
The Council is also expected to address greenhouse gas emissions targets, the state of the EU Emissions Trading System, energy efficiency, renewable energy sources and energy security.
Katja Hall, CBI deputy director-general, said: “It is vital that they make bold decisions on the future of the EU’s energy package for 2030 to give business the clarity it needs to make long-term investment decisions.
“A single binding target of a 40 per cent reduction in greenhouse gas emissions, with member states reaching this in the most appropriate way to suit their national circumstances, would be the best outcome.”
UK energy secretary Ed Davey will support calls for a 40 per cent cut in greenhouse gas emissions, and has argued that the EU should be prepared to go to 50 per cent if matched by similar ambition from the rest of the world.
Earlier this year, Davey insisted “we can all afford to adopt the 40 per cent domestic greenhouse gas target”.