A climate risk report by First Street finds that 54 percent of global data center capacity operates under heat or drought stress, with 79 percent exposed to elevated flood, wind, or wildfire risk. Despite massive capital flows ($61 billion in 2025 alone) and projections of $6.7 trillion investment through 2030, physical climate risk is systematically overlooked in site selection and asset valuation. The 18th First Street Risk Assessment evaluated 97 investible data center markets across chronic stressors (extreme heat, water scarcity) and acute hazards (flooding, wind, wildfire). Regional exposure varies…
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