Similar to Azure talking about developing underwater datacenters
"Underwater", meanwhile, is more of a mode of operation / design for data centers, with the goal of that simplifying (and decreasing costs for) cooling.
An underwater data center doesn't imply that the data center is actually off-shore to any large degree. I'd imagine they'd look more like undersea-cable landing points, built "into" a beach.
If a published study on this exists, I'd love to take a look.
It'll certainly not be worse for the environment than any normal data centre, unless it springs a leak and something toxic escapes.
Then again, I'm a bit biased - I worked on both Phase 1 and 2.