I think targets are very important for a number of reasons. Clearly, they focus the discussion, but in even a broader sense, I think long-term targets give folks the certainty that the policy will continue. If you're investing in electricity generation, you want to have that long-term certainty that if you put in your money today, it's going to be worthwhile in the longer term. So long-term targets are critical and they do matter.
That said, short-term targets are what deliver your actual program. You need to know that in 2012 you're taking action, in 2015 you're taking action, and in 2020. I think it's the targets--the interim and the long-term--and verification that you're actually meeting the targets that are really critical.
As Mr. Tirpak noted, if you have targets and no policy, it's not much good. I would add, if you don't have targets, policy, and verification, again, it's not much good. You need to have all three.