Nearly three-quarters of business leaders believe that technology will play a crucial role in addressing environmental issues and cutting fuel costs.

But new research by virtual network operator TFM Networks suggests that few are planning to increase their use of IT.

The firm polled over 250 senior business managers and found that 70 per cent are concerned about rising oil prices.

However, only half indicated that they had actually tried to combat this by developing strategies to minimise their carbon footprint and cut their exposure to rising energy costs.

Fewer than 30 per cent of the respondents said that they were increasing their use of technology.

"Technology represents one important way in which businesses can effectively reduce their carbon footprint, overheads and exposure to rising fuel prices," said Stewart Yates, managing director of TFM Networks.

"Simple steps such as IP-based video conferencing and flexible working can reduce fuel expenditure and improve overall efficiency by removing the need for unnecessary travel."