Bangladesh, July 31 -- Europe is confronting one of the most severe climate-driven emergencies in its modern history as an unprecedented heatwave and prolonged drought push the continents major rivers to historic lows. The Rhine and Danube-two of Europes most important waterways for commerce, energy production and transportation-have fallen to levels rarely seen in recorded history, forcing nuclear power plants to reduce output, disrupting industrial supply chains and threatening regional energy security.

The crisis has exposed the growing vulnerability of Europes infrastructure to extreme weather. Rivers that have long served as economic lifelines are no longer capable of supporting the level of shipping, industrial cooling and electric...