Business leaders are claiming that Australia and New Zealand could both slash emission levels by at least 15 per cent and save cash in the process.

A communique issued from the Australia-New Zealand Climate Change and Business Conference has enumerated steps that can be taken in the power, transport, building, forestry and agriculture sectors to cut emissions and increase profitability.

It said that less government bureaucracy, better supply contracts so industry can generate electricity to feed into the power grid, accelerated green depreciation for buildings, and broader energy efficiency measures agreed to by business and government would make substantial reductions to the greenhouse gas emissions of both nations.

Measures for energy efficiency would save business money, according to Energetics executive director Jon Jutsen, who said the Australian economy is only about 10 per cent efficient, and that 90 per cent of the energy in the fuel the country excavates is lost in the supply chain and end uses.

Gary Taylor, chairman of the not-for-profit Climate Change and Business Centre, believed businesses had chances to increase profitably if they acted on energy productivity.

A carbon price was essential, along with sector-specific measures to resist climate change, he said.

''Australia can learn from New Zealand's experience implementing a price on carbon, and New Zealand can benefit from Australia's experience with complementary measures.''

Mr Taylor said the pressing need for strong leadership by business and government and closer alliance between them had been a solid theme of the conference.

''While a price on carbon will increase the justification for action, government policy changes are required to maximise carbon mitigation,'' he said.

A poll of delegates revealed the most popular emission-reducing measure was energy efficiency of 29 per cent. Almost twice as many chose a cap-and-trade carbon pricing scheme over a carbon tax, but either would require more regulation and funding assistance.