Britain is a champion of energy efficiency while the United States and Canada lag behind in conserving power, according to a new report released Thursday.

In a ranking of the world's 12 major economies by the American Council for an Energy-Efficient Economy (ACEEE), Germany comes in a close second, followed by Italy, Japan and France.

The European Union, Australia and China are tied in sixth place trailed by the United States, Brazil, Canada and Russia.

"Our results indicate that some countries are outperforming others, but the more important finding is that there are substantial opportunities for improvement in all economies analyzed," said the authors of the report.

While the British distinguish themselves for the efficiency of their industry sector, the Chinese are first when it comes to buildings. In terms of transportation, Italy, China, Germany and Britain share the top slot.

Germany also leads for "national efforts," which captures energy efficiency performance across all economic sectors and includes a government's "overall commitment and leadership."

As for the United States, the "inefficiency of the economy means a tremendous waste of energy resources and money," the report said.

It goes on to ask how the United States can "compete in a global economy if it continues to waste money and energy that other industrialized nations save and can reinvest."