The Department for Environment, Food & Rural Affairs (Defra) cited research from WRAP, which revealed that 47 percent of businesses recognise they could make savings of more than £100,000 through low and no cost energy efficiency measures.
Businesses could contribute up to ten percent towards the UK's greenhouse emissions targets for 2020 by being more eco-friendly, the government advised.
Hilary Benn, environment secretary, said: "Sustainability is the key not only to the environment but to business success."
"There are opportunities here in the UK too in the low carbon and environmental goods and services, where we currently have just over three per cent of the global market."
A number of tips have been given to businesses on how to be more energy efficient by the government.
They include turning down thermostats, reducing rubbish and turning off lights when they are not needed.