Liquid cooling also provides more opportunites for co-generation and waste heat recycling
And CPU's thrive at temperatures above where the exhaust air ends up at, so you may be able to achieve further offsets by using the heat for other work or in place of heat supplied to other systems.
Only question is how long until the steam and pipe fitters union knocks on the door. Data center plumber has a fun ring to it, but it's probably going to be "thermal management engineer".