Dec. 10 (Bloomberg) — The U.K. government will simplify its CRC Energy Efficiency program next year and review it in 2016 as it seeks to help companies save money, the Department of Energy and Climate Change said today in an e-mailed statement.

Reforms to the program, which is aimed at cutting emissions from large public and private-sector organizations, will deliver a 55 percent reduction in costs, saving about 272 million pounds ($437 million) for participants, it said. CRC is short for carbon reduction commitment.

“Energy efficiency increases productivity and is good for growth so it is important that we continue to incentivize this through the CRC,” Gregory Barker, energy and climate-change minister, said in the statement. “We have listened to the concerns of business and radically simplified the scheme.”

Reforms include reducing the number of fuels that users are required to report to two from 29, according to the statement.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net