July 18, 2008 - The global credit crunch is paying unexpected dividends in the fight against global warming: With mergers and acquisitions on the downswing, thousands of jet-setting investment bankers are staying home, Reuters reports.

A slower economy means less wheeling and dealing, prompting investment bankers to travel less, according to the study from Merrill DataSite, an online data storage firm. And with fewer deals on the table, banks are looking to cut costs by putting the kibosh on business travel, relying on virtual meetings instead.

"We have seen a significant increase in the number of deals being conducted through our VDRs (virtual data rooms) in Europe over the past 12 months," says Merrill DataSite director Merlin Piscitelli.

Videoconferencing has also proved a major time saver, the report notes. Of survey respondents who have used the technology, half say they've cut the time required for due diligence by a third.

Conferencing to avoid business travel is the top strategy for greening business, according to a survey released in April. Most recently, Big Four auditing firm Deloitte announced plans to equip its 130 offices worldwide with videoconferencing software to cut down on the need for business travel.

Smarter technology use could reduce global greenhouse gas emissions by 15% and save global industry $800 billion in annual energy costs by 2020, according to June report from the Global e-Sustainability Initiative (GeSI) and the Climate Group.

Banks spent $200 million and emitted 98,000 tons of C02 last year working on M&As, according to Merrill. (The ecological bill for a typical deal? Five international flights per employee and 20,000 pages of paper.)