BRUSSELS, March 8 (Reuters) - European Union leaders agreed on Thursday to reduce greenhouse gas emissions blamed for global warming by 20 percent by 2020 at a summit on Thursday in a bid to take world leadership, German Chancellor Angela Merkel said.

She told a news conference after the first day of a two-day meeting that further discussion was required on setting objectives for renewable energy sources and biofuels but she was hopeful of an agreement on binding targets on Friday.

"Our effort is to reach 20 pct of generation from renewables as a European average," said Merkel, whose country holds the EU's rotating presidency. "I am still hopeful of an agreement on a binding target."

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