Axios

Even if countries meet the more aggressive goals of the Paris Climate Agreement, global warming could likely still trigger several climate “tipping points" that would drastically change life on Earth, according to a new study published in the journal Science on Thursday.

Why it matters: "Tipping points" refer to junctures in the climate system that, when crossed, can usher in irreversible changes. Tipping points include the near-complete melting of the West Antarctic Ice Sheet or the shutdown of the ocean current that includes the Gulf Stream.

The Inflation Reduction Act, signed into law last month by President Biden, includes around $370 billion for clean energy development and adoption. But it is not a venture capital fund, despite viral tweets to that effect.

Why it matters: $370 billion is a ton of taxpayer money, and it will deserve a rigorous review that begins from a place of common understanding — rather than from atop a strawman.

California Gov. Gavin Newsom declared a state of emergency for counties threatened by the dangerous Fairview and Mosquito Fires Thursday, as firefighters across the drought-ravaged western U.S. battled scores of wildfires in the searing heat.

Driving the news: Both the deadly Fairview Fire in Riverside County and the Mosquito Fire in El Dorado and Placer counties that jumped a river Thursday are "threatening multiple communities and critical infrastructure, forcing the evacuation of tens of thousands of residents," per Newsom's statement.

As European countries moved away from coal and nuclear over the past decade or so, they became increasingly reliant on natural gas imported via pipelines from Russia.

By the numbers: Russia provided around 40% of the EU's gas supply as of 2020 and more than 50% of Germany's.

Blistering heat and dangerous fire weather are threatening much of the West and the Great Plains — particularly in California, Idaho, Montana and Oregon, where thousands of firefighters are battling several massive wildfires.

Threat level: The long duration of record-setting temperatures is affecting a broad region facing unprecedented drought. This, plus weather systems that are encouraging the air to rise to set off thunderstorms, is leading to perilous wildfire risk situations across multiple states.

Investment giant BlackRock is rebutting Republican politicians over its ESG investment policies, arguing that its critics are wrong on both the science and the cents.

Look ahead: Private equity and other investment fund managers should pay close attention, because they could be next in the line of fire.

Europe is entering the most treacherous terrain yet in its bid to move away from Russian energy — and the U.S. can only provide limited help, at least for now.

Why it matters: The West's response to Russia's invasion of Ukraine has seismically upended the global energy trade at a pace and scale unseen in decades.

With California's electric system nearly maxed out during the state's worst-ever September heat wave, officials are asking residents to avoid using major appliances — or charging their electric vehicles — during peak demand to avoid rolling blackouts.

Reality check: EVs aren't what's straining the grid. California had roughly 680,000 registered EVs as of July 1, per S&P Global Mobility, accounting for less than 1% of the state's total electricity demand.