Even not just the compute but energy use at all. All the energy burned on training just to ask it the stupidest questions, by the numbers at least. All that energy that could have been used to power towns, schools, and hospitals the world over that lack sufficient power even in this modern age. Sure there's costs to bringing power to someplace, its not handwavy but a hard problem, but still, it is pretty perverse where our priorities lie in terms of distributing the earths resources to the earths humans.

Unused electricity in one location is not fungible to be available elsewhere.

No, but the money used to build the power plant at one location was theoretically fungible.

Norway choosing not to build a plant will not result in Guatemala getting that money instead.