Axios

Nearly all of Arizona and New Mexico are under flood watches today, as moisture from the southwest monsoon surges northward.

Threat level: The storms, which are a part of a seasonal pattern that is unusually active this year, are expected to cause widespread flash flooding, debris flows and other hazards.

China issued its first national drought alert of the year this week amid more than two months of record-breaking temperatures and below average rainfall, Chinese state media reports.

Why it matters: The "yellow" alert is the third-highest on China's four-tier system and comes as central and southwest regions are facing some of the highest temperatures ever recorded.

Chemists at University of California, Los Angeles, and Northwestern University discovered a new way to destroy "forever chemicals," using a common ingredient in soap and an organic solvent, according to a study published in the journal Science on Thursday.

Why it matters: The extremely durable and toxic chemicals have been in drinking water systems around the U.S. and are linked to adverse health effects. The new method is a relatively cheap and mild way to break them down.

Cities, states, and major companies are racing to give people incentives to switch to electric bikes for their work commute or gadding about town — experiments they hope will reduce car traffic and improve people's health.

Why it matters: E-bikes — which give people varying levels of motorized assistance — are environmentally friendly alternatives to cars and trucks. Mass adoption could make a big dent in road congestion and carbon emissions.

Massive storms lashing Europe killed at least 13 people in Italy, Austria and France on Thursday, in the latest extreme weather event to rock the continent this summer, per the BBC.

The big picture: Storm-related deaths were reported in Italy, Austria and on the French island of Corsica on Thursday. Wreckage from the storm system was also reported in parts of Austria and Slovakia.

Extreme weather worsened by climate change is a hidden cause of inflation, threatening to push up already high prices of everything from food and clothing to electronics.

Why it matters: Heavy rainfall, flooding, heat waves and droughts erode agriculture, infrastructure and workers' ability to stay on the job — all of which lead to supply-chain breakdowns and worker shortages.

A conservative group known for targeting "woke capitalism" has launched a multimillion-dollar campaign attacking BlackRock and its CEO Larry Fink for "weaponizing" retirement funds with its push for more ESG investments, which promote environmental, social and governance responsibility.

Why it matters: The campaign by Consumers' Research aligns with the posture of a growing faction of the GOP. House Republicans plan to make an assault on ESG a central part of their legislative and investigative agenda if they take back the majority in November's midterms.