In the report, the CBI points to the ‘untapped potential’ of energy-efficiency schemes for businesses, and cites a lack of knowledge as one of the biggest challenges.
The organisation is now calling on firms to invest more in energy-efficiency measures such as lighting upgrades to reduce costs and protect against long-term rises in energy prices.
Rhian Kelly, the CBI’s director for business environment policy, said: ‘Energy efficiency has sneaked under the radar in the UK’s energy debate and is making a material contribution to UK growth. But there is so much economic and environmental potential that remains unfulfilled.
‘With energy prices still on the rise, energy efficiency can help mitigate the impact on firms, particularly heavy users,’ she said.
The CBI’s report comes as businesses prepare for new legislation coming into effect on 1 October, under which they will have to report on their energy consumption and greenhouse gas emissions.