Nature Positive Role of the Technology Sector 2025

53. Lee, H., Xu, P . (2024). Water in Semis. J.P . Morgan. 54. Oliver Wyman analysis, based on the following sources: For “Water use”: –James, K. (2024). The water challenge for semiconductor manufacturing: What needs to be done? World Economic Forum. https://www.weforum.org/stories/2024/07/the-water-challenge-for-semiconductor-manufacturing-and-big- tech-what-needs-to-be-done/. –Meninger, A. (2024). Why Water Sustainability is Vital for the Semiconductor Industry. IDE Technologies. https://ide-tech.com/en/blog/why-water-sustainability-is-vital-for-the-semiconductor-industry/. –Wang, Q., Huang, N., Cai, H., Chen, X., & Wu, Y. (2023). Water strategies and practices for sustainable development in the semiconductor industry. Water Cycle, Volume 4, 12–16. https://doi.org/10.1016/j.watcyc.2022.12.001. For “Electricity use” and “GHG emissions”: –Coles, S., et al. (2024). Putting a price on ESG risks. Barclays. For “Pollution and waste”: –TSMC. (2023). TSMC 2023 Sustainability Report. https://esg.tsmc.com/en-US/file/public/e-all_2023.pdf. –Coles, S., et al. (2024). Putting a price on ESG risks. Barclays. 55. Zakaria, T., McQuire, A., Betesh, R. (2024). Powering Data Centres: Sizeable Multi-Year Tailwind for CAT and CMI. J.P . Morgan. 56. International Energy Agency (IEA). (2025). Electricity 2025: Demand. https://www.iea.org/reports/electricity-2025/demand. 57. Oliver Wyman analysis, based on the following sources: For “Electricity use”: –Khan, T. & Goodwin, M. (2024). What is a green data center? IBM. https://www.ibm.com/think/topics/green-data-center . –Energy Informatics. (2023). Enough hot air: the role of immersion cooling. https://energyinformatics.springeropen.com/ articles/10.1186/s42162-023-00269-0. –The Register. (2023). LiquidStack CEO on why you shouldn’t ignore immersion cooling. https://www.theregister.com/ 2023/04/14/liquidstack_immersion_cooling/. For “Water use”: –Mytton, D. (2021). Data centre water consumption. npj Clean Water, 4, Article 11. https://doi.org/10.1038/s41545- 021-00101-w . –Oliver Wyman analysis – based on 25.5 million litres annually per MW, as per npj Clean Water; real number may be less as centres are unlikely to run at maximum water use every day. –Temple-West, P . (2025). Big Tech under pressure to act on data centres’ thirst for water. Financial Times. https://www.ft.com/content/65fff689-bd47-4c15-bdb8-083e5ccd84dc. –The Register. (2023). LiquidStack CEO on why you shouldn’t ignore immersion cooling. https://www.theregister.com/ 2023/04/14/liquidstack_immersion_cooling/. –Alissa, H., Nick, T., Raniwala, A. et al. (2025). Using life cycle assessment to drive innovation for sustainable cool clouds. Nature, 641, 331–338. https://doi.org/10.1038/s41586-025-08832-3. For “Facility land use”: –Khan, T. & Goodwin, M. (2024). What is a green data center? IBM. https://www.ibm.com/think/topics/green-data-center . –For “Core building materials”: –Torell, W. (2020). Liquid vs. Air Cooling. Which is the Capex winner? Schneider Electric. https://blog.se.com/ datacenter/architecture/2020/02/24/liquid-vs-air-cooling-which-is-the-capex-winner/. 58. Sources: –Data Centre Map. (2025). Data centres directory and global insights. https://www.datacentremap.com/datacentres/. –Research and Markets. (2024). UAE Existing and Upcoming Data Centre Portfolio. https://www.researchandmarkets. com/reports/5983081. –Mordor Intelligence. (2024). Brazil Data Centre Market. https://www.mordorintelligence.com/industry-reports/brazil- data-centre-market. –Cushman & Wakefield. (2024). 2024 Global Data Centre Market Comparison. https://cushwake.cld.bz/2024-Global- Data-Centre-Market-Comparison/23/. 59. Baldé, C., Küehr, R., et. al. (2024). The Global E-waste Monitor 2024. United Nations University (UNU) & United Nations Institute for Training and Research (UNITAR). https://ewastemonitor.info/wp-content/uploads/2024/12/GEM_2024_ EN_11_NOV-web.pdf. Nature Positive: Role of the Technology Sector 75