It depends on how you measure it, but according to this New York Times Article, cloud computing has brought environmental benefits.
The article starts with this:
The computer engine rooms that power the digital economy have become surprisingly energy efficient.
A new study of data centers globally found that while their computing output jumped sixfold from 2010 to 2018, their energy consumption rose only 6 percent. The scientists’ findings suggest concerns that the rise of mammoth data centers would generate a surge in electricity demand and pollution have been greatly overstated.
That’s good. The other good thought here is that centralized computing can continue to drive out efficiencies that distributed computing can not.
All in all, one more reason for companies to embrace cloud computing.