During this episode, we focus on water—the most tangible form of risk. In Alaska, warming is accelerating permafrost thaw, exposing pyrite, leaching metals, turning more than 200 rivers orange, and killing aquatic life that sustains communities and salmon runs. Downstream, in a different sense, the Colorado River’s century-old legal framework collides with a hotter, drier reality. We explore senior and junior water rights, the politics of cuts, and Phoenix’s push for advanced reuse to secure drinking water in a tightening system.