It revealed that 85% of companies questioned believed waste prevention using fewer raw materials and energy recovery would be "crucial" to save UK companies money.

Envirowise – which offers independent environmental advice to a range of sectors – said it recognised that waste management has become a business imperative.

Elaine Sharp, a programme manager for Envirowise, said: "With fuel, energy and raw material costs continuing to rise, and changes in the economy persisting in creating challenging marketplaces, there has never been a better time to lead the way in using resources wisely."

Growing legislation is also driving businesses to adopt greener practices with directors being held personally liable for the environmental conduct of their companies.

In the past 10 years, the courts have handed out £3m in fines, as well as almost eight years in jail and more than 170 days of community service, to company directors for non-compliance to legislation.

Since 1994, Envirowise said it has helped UK businesses save over £1bn by enabling them to reduce their environmental footprints.