UK companies are said to be missing out on the benefits of renewable energy supply.

That’s according to a new report, which stated switching to green electricity adds less than 1% to power bills and responds to demand from customers, investors and politicians.

Industrial and commercial businesses account for more than 56% of UK electricity consumption, it adds.

The report claims switching to renewable power is the quickest and most cost effective way for businesses to cut their carbon footprint.

However while 74% of the UK’s 100 biggest companies have set carbon-cutting targets, only 38% purchased renewable electricity in 2015.

It found if the world’s top 1,000 companies all switched to 100% renewable electricity, it would cut global carbon emissions by more than 3%.

Robert Groves, CEO of SmartestEnergy, which published the report said: “Smart companies should rethink their energy supply and understand the benefits that switching to renewables can bring to their business, to the economy and to tackling the global threat of climate change.”