Travel is a huge pollution issue. I believe AR/VR will become an incredibly addictive technology down the road.
Short Term (1-5 yrs) - It'll chip away small amounts by offering another form of entertainment to keep people happy. I think it'll help improve business meetings in the near future as well.
Long Term - I could see it becoming a form of entertainment that reduces the amount of traveling we do. People go to the zoo to see animals because it's easier & cheaper than finding them in the wild. You can also get closer without them eating you or running away. VR will let you do a lot of things you couldn't do or would have to suffer a lot of hardship to do. I think it will also create false expectations of what the real world is like. So ya, I do think as VR graphics & physics get better, it'll replace a large chunk of traveling.