Over one-third of businesses in London have switched their gas and electricity supplier in the past year, according to figures from the Confederation of British Industry (CBI).
Results from a CBI survey, carried out in conjunction with KPMG, show companies have decided to take environmentally-friendly initiatives into their own hands "because it makes good business sense".
In total 36 per cent of businesses decided to do this by changing energy supplier. Half updated their equipment or technology, 46 per cent took action through their supply chain and 46 per cent sought advice on how to reduce their emissions.
Most firms thought that financial incentives, such as being able to reduce your gas and electricity bills by switching supplier, were the best way to encourage firms to save energy. Just below half said that better advice and support was needed and 23 per cent said that more regulation would encourage them to become more environmentally friendly.
Richard Reid, London chairman of KPMG, said that it was important regulations were not placed on businesses which made them unable to compete in the global market place.
Figures released by the Department of Environment, Food and Rural Affairs showed that businesses could save £6.4 billion a year by employing simple energy saving measures, such as switching off lights and turning down thermostats.
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