A new campaign which encourages businesses to double energy productivity by 2030 has been launched.

The EP100 created by The Climate Group is inviting companies to maximise their value by embracing energy efficiency as the first fuel in the transition to a clean power system.

Some of the organisations which are part of the campaign are technology firm Johnson Controls, polymers company Covestro AG and tractor manufacturer Mahindra.

According to The Climate Group, if more companies adopt energy productivity within their business models, the global fossil fuel bill could be reduced by around $2.3 trillion (£1.5tn) and create more than six million jobs globally by 2020.

Rachel Kyte, EP100 Executive Committee member and CEO of Sustainable Energy for All said: “Energy productivity is a critical component of our new energy future. Less than six months after the Paris Agreement, leading businesses are continuing to take the ambitious climate action the economy needs.

“By publicly committing to double their energy productivity, these global companies are seizing the clear potential to cut energy costs, enhance profitability and avoid fluctuating energy shocks. EP100 is a step forward for bold business action – while setting us on course to achieve the world’s shared goals of sustainable, efficient energy for all.”