What is the nature of the concern with water and data centres? Is it a justified concern?

So the concern really varies depending on if the region is water stressed or not, and also what technologies the data centre is using.

The amount of water a data center uses can be really significant.

And just to give a sense of the upper end, the Environmental and Energy Study Institute, they have estimated that a medium sized data center can use up to 110 million gallons of water per year for cooling.

And the largest hyperscale data centers, they can consume up to 5 million gallons per day.

which is the equivalent of a town with around 10,000 to 50,000 people, and that's per day.

So you can see that water consumption really varies by the size of the facility.

But what actually happens to data center projects when they run into local resistance? Do we see developers make different choices and change their plans? Do we see them just move to different areas? How have we seen the response to this backlash play out from a developer perspective?