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Decoupling consumption from its harmful environmental impacts is often an important facet of proposals for mitigating climate change. Dematerialization is one such possible pathway through which such decoupling could occur. Information and communication technologies (ICTs) have the potential to make this dematerialization possible by replacing material products with digitized versions – something that is already happening in the realms of books, music, and movies. Additionally, ICTs increase efficiency in production and resource use. One potential complication is that this increased efficiency will lead to rebound effects, which would result in increased consumption and resource usage. In this paper, I examine two theoretical groups, whom I call techno-optimists and techno-skeptics. The former argue that increased ICT usage will lead to decoupling, while the later emphasize potential rebound effects and are skeptical technological innovation will reduce environmental impacts. I use data from the World Bank on ICT usage as my independent variable and data on material flows as my dependent variable to examine whether dematerialization has occurred in OECD nations over the time period from 2001-2010. My results suggest that there is no evidence that dematerialization has occurred. Given the fast pace of technological innovation it is possible that dematerialization could yet occur, but it is more likely that technology alone will not solve environmental problems – not even the ones it causes itself.