Greenhouse gas emissions 101 – I

Before we begin, if you want to understand the general big picture about what climate is, Earth’s climate history, and/or about climate change, you can read this very comprehensive post.

A greenhouse is a structure, made of glass or plastic, which captures heat inside it so that it’s insides are warmer and drier than the atmosphere outdoors. Greenhouses are situated outdoors so they have a regular supply of sunlight. We’ve all experienced closed indoor spaces with glass façades that heat up due to receiving sunlight, and require specific cooling solutions that encourage air flow, or artificial cooling through air conditioners, such as sitting inside a car or a room with all its windows closed on warm days. These hot-car experiences are also due to the greenhouse effect.

This effect happens because sunlight, which is primarily composed of (a tiny amount of) ultraviolet (UV) light, visible light, and near-infrared (NIR) radiation, easily passes through greenhouse covers (glass or plastic) into the inside of greenhouse, where the objects, plants, and soil absorb the heat, and become warmer. These warmed up objects now radiate heat in the form of long-wavelength thermal infrared (IR) radiation, which, unlike the incoming shortwave radiation (UV, visible light, NIR) is absorbed into the greenhouse envelope (a building’s envelope is the skin of the building- all the outside walls). Since the building envelop has now absorbed the heat, the structure and its insides warm up and stay warm. In short: this effect allows heat energy inside, but doesn’t allow all of it to escape.12

Similarly, greenhouse gases are gas molecules in Earth’s atmosphere that absorb heat emanating from the planet’s surface- that is, they act sort of like the transparent skin of a greenhouse which absorbs heat so that the plants inside can be warm in cold weather.12

Here’s how it works: Solar energy travels through the atmosphere and warms Earth’s surface. As the planet radiates this heat back toward space, it does so primarily as long-wavelength infrared radiation, which is the same form of heat that gets trapped in a physical greenhouse. Greenhouse gases in the atmosphere absorb this infrared radiation. Instead of letting it escape to space, they re-radiate it in all directions, with much of it directed back downward toward Earth’s surface. This creates a second source of heating (the first being our Sun), amplifying the warming effect and keeping our planet warmer than it would otherwise be.12

A point to note is that in an actual greenhouse building, the warm air inside cannot mix with the cooler air outside it. Similarly, because there is nothing to mix with, the air inside the planet cannot be diluted with cooler air.

The greenhouse effect has directly caused life as we know it now to exist on this planet (other forms of life could still exist without it, who knows), as without this natural greenhouse effect, Earth would be a frozen, inhospitable world. Temperatures would average around -18°C instead of the habitable 15°C we currently enjoy.12 But we’re now enjoying too much of a good thing, and the planet is now heating up more than is good for the life that evolved to live in it when the average temperature was the aforementioned the habitable 15°C: it’s not that no life will survive, it’s just that much of it won’t, leading to general ecosystem collapse, and life will be very uncomfortable for the humans who do make it to the hotter planet.345678910

What does parts per million/ billion/ trillion mean?11
ppm/ ppb/ ppt are notations scientists who study climate use to understand how much of the greenhouse gases in question is present in the atmosphere. Different greenhouse gases are measured in different units depending on their concentration levels. Carbon dioxide, which is relatively abundant in the atmosphere, is measured in parts per million. Methane, which exists in much lower concentrations, is measured in parts per billion. The most potent synthetic gases, such as the fluorinated gases like SF₆ and NF₃, are measured in parts per trillion, because even seemingly insignificant amounts have significant warming effects.

Besides, saying “the atmosphere contains 0.000194 of a percent of methane” is far less convenient than saying “the atmosphere contains 1,942 ppb of methane”.

Thus, if a scientist is measuring how many molecules of CO2 are present in our vast atmosphere, and if the atmospheric concentration of CO2 is measured to be 400 ppm, this means that out of every 1 million air molecules, 400 are CO2 molecules, and the remaining 999,600 molecules are other gases. The same principle applies to measuring ppb and ppt. The conversion between these units is the same as for regular numbers:

  • 1 ppm = 1,000 ppb
  • 1 ppm = 1,000,000 ppt
  • 1 ppb = 1,000 ppt

Here’s how Global Warming Potential is measured1213
GWP measures how much heat a greenhouse gas traps in the atmosphere typically calculated over a 100-year time horizon, in comparison to the amount of heat trapped in the atmosphere by CO2. It’s calculated by the Intergovernmental Panel on Climate Change (IPCC) based on the intensity of infrared absorption by each gas and how long emissions remain in the atmosphere. The unit of measurement is called Carbon Dioxide Equivalent (CO₂e).

Carbon Dioxide Equivalents (CO₂e) provide a standardised way to express the impact of different greenhouse gases using a single, comparable metric. CO₂e is calculated by multiplying the quantity of a greenhouse gas emitted by its Global Warming Potential. The formula is:

CO2e = Mass of GHG emitted × GWP of the gas

For example, if you emit one million metric tons of methane (with a GWP of 30) and one million metric tons of nitrous oxide (GWP of 273), this is equivalent to 30 million and 273 million metric tons of CO₂, respectively.14

This standardisation is crucial for several reasons because it allows comparison across GHGs and amounts of emissions, so no matter the gas that has been emitted or the amount of it emitted, it is easy to understand for everyone the effect it will have on the planet. It will also help compare emissions reduction opportunities across different sectors and gases, and help compile comprehensive national and corporate GHG inventories that include all greenhouse gases. Essentially, it provides a common language for understanding greenhouse gas emissions.

Radiative Forcing Vs. GWP1516
Radiative forcing (RF) is a measure of how much a substance or factor disrupts the balance of energy entering and leaving Earth’s atmosphere. It is expressed in watts per square meter (W/m²), representing the amount of energy imbalance imposed on the climate system: it quantifies how much extra energy is being trapped in the atmosphere by a given agent (greenhouse gas, aerosol, or solar change). Therefore,

  • Positive radiative forcing = warming effect (energy trapped)
  • Negative radiative forcing = cooling effect (energy lost to space)

In comparison, GWP is a simplified index that converts radiative forcing into a single comparable number by expressing it relative to CO₂.

GWP = Total radiative forcing from 1 kg of substance over time horizon / Total radiative forcing from 1 kg of CO₂

This formula is asking if 1 kilo of a substance is released into the atmosphere, how many kilograms of CO₂ would produce the same total warming effect.

Radiative forcing tells you the immediate, direct physics of climate impact. It’s precise but complex because each substance has a different RF value. GWP is a policy-friendly simplification that lets users compare “apples to apples”, so that if 1 million tons of methane (GWP 30) are emitted, vs. 1 million tons of N₂O (GWP 273), it is instantly known that the N₂O causes ~9× more warming.

Let’s take a look at the main GHGs
You can read more about pollution (natural and anthropogenic here).

Carbon Dioxide (CO₂)17 is the most abundant and significant human-caused greenhouse gas, accounting for approximately three-quarters of all anthropogenic GHG emissions. Before the Industrial Revolution, atmospheric CO₂ concentration was about 280 parts per million (ppm). By May 2023, it had reached a record 424 ppm, which is a level not seen in approximately three million years.​ Aside from it’s abundance in the atmosphere, CO₂ is also a particularly concerning GHG because of its atmospheric persistence. While about 50% of emitted CO₂ is absorbed by land and ocean sinks within roughly 30 years, about 80% of the excess persists in the atmosphere for centuries to millennia, with some fractions remaining for tens of thousands of years. This means that the CO₂ we emit today will continue warming the planet for generations.​

Methane (CH₄)17 is the second most important greenhouse gas after carbon dioxide. Although it exists in much smaller quantities than CO₂, methane is extraordinarily potent: one ton of methane traps as much heat as 30 tons of carbon dioxide.​14

Methane is emitted from both natural and human sources. Natural sources include wetlands, tundra, and oceans, accounting for about 36% of total methane emissions. Human activities produce the remaining 64%, with the largest contributions coming from agriculture, particularly livestock farming through enteric fermentation (this is a digestive processes in ruminant animals where microbes in their gut ferment food, producing methane as a byproduct) and rice cultivation. Other significant sources include landfills, biomass burning, and fugitive emissions from oil and gas production (unintentional, uncontrolled leaks of gases and vapors that escape the control equipment, sometimes due to poorly maintained infrastructure).13

The good news about methane is its relatively short atmospheric lifetime of approximately 12 years. This means that reducing methane emissions can have a more immediate impact on slowing global warming compared to CO₂, even though its effects are less persistent over the long term.​

Nitrous Oxide (N₂O), also known as laughing gas, is a long-lived and potent greenhouse gas with a Global Warming Potential 273 times higher than CO₂. It has an average atmospheric lifetime of 109-132 years.​14

Nitrous oxide emissions come from both natural and anthropogenic sources. Major natural sources include soils under natural vegetation, tundra, and the oceans. Human sources, which account for over one-third of total emissions, primarily stem from agricultural practices—especially the use of synthetic and organic fertilisers, soil cultivation, and livestock manure management.131417 Additional sources include biomass or fossil fuel combustion, industrial processes, and wastewater treatment.​131417

Fluorinated Gases18 represent a family of synthetic, powerful greenhouse gases including hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF₆), and nitrogen trifluoride (NF₃). These gases are emitted from various household, commercial, and industrial applications, particularly as refrigerants and in electrical transmission equipment.​

While fluorinated gases are present in much smaller quantities than CO₂, methane, or nitrous oxide, they are extraordinarily potent. Some have Global Warming Potentials thousands of times higher than CO₂. For example, SF₆ has a GWP of 24,300, and some HFCs have GWPs exceeding 10,000. Additionally, many fluorinated gases have extremely long atmospheric lifetimes, ranging from 16 years to over 500 years for certain CFCs, meaning they persist in the atmosphere for decades or even centuries.​14

Water Vapor (H₂O) is technically the strongest and most abundant greenhouse gas. However, its concentration is largely controlled by atmospheric temperature rather than direct human emissions. As air becomes warmer, it can hold more moisture, creating a feedback loop: warming from other greenhouse gases increases water vapor, which in turn amplifies warming. This makes water vapor a climate feedback mechanism rather than a primary driver of climate change.1219

Greenhouse GasAtmospheric Concentration1718Global Warming Potential (100-yr)14Warming Contribution17Primary Sources & Their Contributions20
Carbon Dioxide (CO₂)Pre-industrial: 280 ppm | Current: 423.9 ppm (↑152%)1 (baseline)~74.5% of total GHG emissions; 42% of radiative forcing increase since 1990Fossil fuel combustion: 74.5% of total – Electricity/heat: 29% – Transportation: 15% – Industry: 24% – Deforestation: 6.5-12%
Methane (CH₄) – non-fossilPre-industrial: 730 ppb | Current: 1,942 ppb (↑166%)27.0~17.9% of total GHG emissions; 16% of warming from long-lived GHGsAgriculture: 42% (livestock 27%, rice 9%) – Fossil fuel extraction: 23% – Landfills/waste: 16% – Natural wetlands: 36%
Methane (CH₄) – fossil*29.8Fossil fuel fugitive emissions from oil & gas systems and coal mining
Nitrous Oxide (N₂O)Pre-industrial: 270 ppb | Current: 338 ppb (↑25%)273~4.8% of total GHG emissions; third most important long-lived GHGAgriculture: 74-75% (synthetic fertilisers 30-50% of agricultural emissions) – Industrial processes – Biomass burning
Water Vapor (H₂O)Pre-industrial: 0-4% (variable) | Current: 0-4% (variable), increasing 1-2%/decadeNot directly comparable (feedback amplifier)41-67% of total greenhouse effect (but as feedback, not primary driver)Natural evaporation from oceans/land – Acts as feedback amplifier (increases 7% per 1°C warming) – Not directly emitted by humans
Tropospheric Ozone (O₃)Pre-industrial: 20-25 ppb | Current: 20-100 ppb (varies by location)Varies regionallyThird most important GHG after CO₂ and CH₄; significant regional warmingNot directly emitted – Forms from: NOx + VOCs + sunlight – Sources: Transportation, industry, biomass burning
HFC-134aPre-industrial: 0 ppt | Current: 96.9 ppt1,530Part of 2.8% F-gases contributionRefrigeration and air conditioning: largest use – Aerosol propellants – Foam blowing – Summer emissions 2-3× winter
HFC-23Pre-industrial: 0 ppt | Current: Low but significant14,600Highest CO₂-eq among HFCs despite low concentrationByproduct of HCFC-22 production – Industrial processes
HCFC-22Pre-industrial: 0 ppt | Current: Declining post-ban1,960Part of declining HCFC contributionRefrigeration/Air Conditioning: primary source (97% of HCFC use) – Being phased out under Montreal Protocol
HFC-152aPre-industrial: 0 ppt | Current: 9.93 ppt164Part of 2.8% F-gases contributionAerosol propellants – Foam blowing – Refrigeration
Sulfur Hexafluoride (SF₆)Pre-industrial: Near 0 ppt | Current: 6.7 ppt24,300Part of 2.8% F-gases contribution; Highest CO₂-eq among all FGHGsElectrical equipment: switchgear, transformers – Magnesium production – Semiconductor manufacturing
Perfluoromethane (CF₄)Pre-industrial: 34.7 ppt | Current: 76 ppt7,380Part of 2.8% F-gases contributionAluminum production – Semiconductor manufacturing – Small natural sources: ~10 tonnes/year
Perfluoroethane (C₂F₆)Pre-industrial: Near 0 ppt | Current: 2.9 ppt12,400Part of 2.8% F-gases contributionSemiconductor manufacturing: 1,800 tonnes/year – Aluminum smelting
Nitrogen Trifluoride (NF₃)Pre-industrial: 0 ppt | Current: Growing17,400Part of 2.8% F-gases contributionSemiconductor/electronics manufacturing – Flat panel displays
CFC-12Pre-industrial: 0 ppt | Current: Declining (banned)12,500Declining contribution; negative forcing from ozone depletionPreviously: refrigeration (primary), aerosols – Now banned; emissions from existing equipment
CFC-11Pre-industrial: 0 ppt | Current: Declining (banned)6,230Declining contribution; negative forcing from ozone depletionPreviously: refrigeration, foam, aerosols – Now banned; emissions from existing equipment/foams
Black Carbon (BC/Soot)2122Pre-industrial: Low natural levels | Current: No direct measurement in ppm/ppb450–900 (100-yr GWP)*Second or third most important climate forcer after CO₂ in some regionsDiesel engines – Coal power plants – Biomass burning: wood, agricultural waste (67% of human emissions) – Residential cooking/heating – Wildfires – Ranking: Fossil fuel > biofuel > biomass burning
CFCs (Total)Pre-industrial: 0 ppt | Current: Declining overall6,230–12,500Negative forcing due to ozone depletion (cooling effect)Banned under Montreal Protocol – Residual emissions from existing equipment/foams
HFCs (Total)Pre-industrial: 0 ppt | Current: 89 ppt total164–14,600~2.8% combined with PFCs and SF₆; grown 310% since 1990Refrigeration/AC sector: largest source (replacing CFCs/HCFCs) – Increased 310% since 1990
PFCs (Total)Pre-industrial: 34.7 ppt | Current: 82 ppt total7,380–12,400~2.8% combined with HFCs and SF₆Industrial processes – Aluminum production – Semiconductor manufacturing
HCFCs (Total)Pre-industrial: 0 ppt | Current: Declining90–1,960Declining; negative forcing from ozone depletion offset by GHG warmingTransitional CFC replacement being phased out – HCFC-22 and HCFC-141b represent 97% of HCFC use
Some important Greenhouse Gases and how they contribute to global warming. Specific GWP values come from IPCC assessments and may be updated as science advances.

Key:

  • ppm = parts per million; ppb = parts per billion; ppt = parts per trillion
  • GWP (Global Warming Potential) is measured relative to CO₂ over a 100-year timeframe (IPCC AR6, August 2024)14
  • F-gases (fluorinated gases) collectively contribute 2.8% of total greenhouse gas emissions but have grown 310% since 1990
  • Water vapor is technically the most abundant greenhouse gas but acts primarily as a feedback mechanism rather than a forcing agent
  • Black carbon is not measured in atmospheric concentration like other GHGs because it’s a particulate (soot) rather than a gas, and has a very short atmospheric lifetime (days to weeks). The GWP range reflects uncertainty in mixing state and location; IPCC AR6 provides radiative forcing (+0.44 W/m²) rather than a formal GWP.
  • *Methane split: IPCC AR6 differentiates between fossil and non-fossil methane due to different atmospheric fates. Use CH₄ non-fossil (27.0) for biogenic sources and combustion; use CH₄ fossil (29.8) for fugitive emissions from oil & gas and coal mining where the carbon is of fossil origin.1423 This is because fossil methane (GWP 29.8) adds carbon that was locked underground for millions of years to the active carbon cycle, representing a net addition of CO₂ when oxidised, whereas biogenic methane (GWP 27.0) comes from carbon that was recently in the atmosphere (absorbed by plants, eaten by livestock, etc.), so its oxidation just adds back the same carbon that was already in the atmosphere until recently and there is no net addition in the long term.24

Sources of GHG emissions

  1. The Energy Sector is the largest contributor to greenhouse gas emissions, producing approximately 34% of total net anthropogenic GHG emissions in 2019.25 Within this sector, electricity and heat generation are the single largest emitters, accounting for over 25% of global emissions, with coal-fired power stations alone responsible for about 20% of global greenhouse gas emissions.26 In 2022, 60% of electricity in many countries still came from burning fossil fuels, primarily coal and natural gas.27 And of course, energy underpins every other sector, whether through fuel for agricultural tractors, for building space conditioning, or any other mechanical activity.
  2. ​Industrial activities come next at 24% of global emissions. These emissions are usually from one of two sources: energy consumption for manufacturing processes, and direct emissions from chemical reactions necessary to produce goods from raw materials.2528 Within industry, cement production and metal production, especially steel, are particularly emission-intensive.28 Since 1990, industrial processes have grown by a massive 225%, the fastest growth rate of any emissions source, driven by rapid industrialisation in developing countries.20
  3. Agriculture, Forestry, and Land Use contributed approximately 22% of global emissions in 2019.25 This is an interesting sector because it’s a major source of non-CO₂ greenhouse gases.29 Agriculture is the largest contributor to methane emissions globally, primarily from livestock farming and rice cultivation, which occurs in flooded fields where anaerobic conditions produce methane.29 The sector also produces significant nitrous oxide emissions, primarily from the application of synthetic and organic fertilisers to soils.29 Additionally, deforestation and land-use changes release stored carbon when forests are cleared for agriculture or development.29
  4. Transportation accounts for approximately 15% of global emissions in 2019.25 The vast majority of transportation emissions come from road vehicles (cars, trucks, buses, motorcycles, etc.) which rely overwhelmingly on petroleum-based fuels.30 Aviation and maritime shipping also contribute significantly, with international aviation and shipping representing growing sources of emissions as global trade and travel expand.30 Since 1990, transportation emissions have grown by 66%, making it one of the fastest-growing sources of greenhouse gases.2030 The sector’s heavy dependence on fossil fuels and the long replacement cycles for vehicles make it particularly challenging to decarbonise quickly.30
  5. And finally, Buildings, whether Commercial or Residential, directly contribute approximately 6% of global emissions through fossil fuels burned for heating and cooling, as well as refrigerants used in air conditioning systems.25 However, when indirect emissions from electricity use are included, buildings account for a much larger share, which is about 28% in the United States, because buildings consume approximately 75% of electricity generated, primarily for heating, ventilation, air conditioning, lighting, and appliances.3132

Sources

  1. IRENA – Power to Heat and Cooling: Status
  2. What is the greenhouse effect?
  3. The Greenhouse Effect
  4. 1.5 Degrees C Target Explained
  5. IPCC AR6 Working Group II – Chapter 2
  6. Science Magazine – Climate Study
  7. What does the latest IPCC report mean for wildlife?
  8. Nature – Climate Research Article
  9. Is Earth becoming too hot for humans? Climate change facts & risks
  10. Too Hot to Handle: How Climate Change May Make Some Places Too Hot to Live
  11. Taylor & Francis Online – Climate Research
  12. EPA – Global Greenhouse Gas Overview
  13. UNFCCC – Global Warming Potentials
  14. EPA – Understanding Global Warming Potentials
  15. GHG Protocol – IPCC Global Warming Potential Values
  16. EPA – Climate Change Indicators: Climate Forcing
  17. IPCC – TAR Chapter 6: Radiative Forcing of Climate Change
  18. IPCC AR6 Synthesis Report – Longer Report
  19. IPCC AR6 Updated GWP Values for HFCs and HFOs
  20. OpenLearn – Climate Change and Renewable Energy
  21. World Resources Institute – 4 Charts Explain Greenhouse Gas Emissions by Sector
  22. Climate and Clean Air Coalition – Black Carbon
  23. Visualizing Energy – Global Black Carbon Emissions 1750-2022
  24. IPCC AR6 WGIII – Annex II: Definitions, Units and Conventions
  25. Carbon Brief – Q&A: What the ‘controversial’ GWP* methane metric means for farming emissions
  26. IPCC AR6 Working Group III – Chapter 2: Emissions Trends and Drivers
  27. World Nuclear Association – Carbon Dioxide Emissions From Electricity
  28. Visual Capitalist – Coal Still Dominates Global Electricity Generation
  29. UNECE – Pathways to Carbon-Neutrality in Energy-Intensive Steel
  30. IPCC AR6 Working Group III – Chapter 7: Agriculture, Forestry, and Other Land Uses
  31. UNFCCC – Greenhouse Gas Data Booklet
  32. EIA – U.S. Electricity Generation by Energy Source

On head/ neck injuries in cricket

This post is inspired by Indian Men’s Test Cricket Captain Shubman Gill, who’s suffered three separate head/ neck injuries in 36 days, as well as my friend Sanchita who asked how can such injuries be reduced when I posted about the Skip’s poor run of luck.

Before we proceed, I understand this post has turned into a bit of a book, so here’s a list of sections as well as what they talk about in a line. Feel free to jump to whichever section you wish to read:

  1. A primer on these injuries: explanations of head/ neck injuries
  2. Concussion vs non-concussive impacts: a discussion on injuries that result in a concussion and those that don’t, and their impacts on athletes.
  3. Feeling all wrong in the head: The psychological impacts of getting hit in the head/ neck/ face.
  4. Cumulative trauma and CTE: More about the cumulative load of multiple head hits over the course of a life.
  5. ICC’s concussion guidelines: self explanatory.
  6. Workload management: a discussion of workload management in cricket and why its an important part of this discussion
  7. A bit about helmet design: about cricket helmets.
  8. The technology cricket isn’t using: available helmet technology we could be using but are choosing not to.
  9. Risk Compensation: Humans take more risks if they have more protection.
  10. So what to do?: My solutions.
  11. In conclusion: …the, you know, conclusion to the post.
  12. Appendix 1: No surprises: ACWR calculations for Gill with lots and lots of assumptions and no actual data
  13. Appendix 2: Comparison table between helmets used in F1, NFL, and international cricket: You know… a tabular comparison between helmets used in F1, NFL, and international cricket.

Now back to Shubman, who was injured in three different ways:

  1. 10 October 2025, he collided with West Indies keeper Tevin Imlach.12
  2. 31 October 2025, he was struck on his helmet by a Josh Hazlewood snorter that seemed to ricochet off his bat.34 This was also immediately after both teams observed a moment of silence for the death of 17 year old Ben Austin after he was struck in the neck while practicing,56 and I wonder what effect that had.
  3. 15 November 2025, he suffered a neck spasm (?- I don’t know what the actual diagnosis is, this is just what the media is calling this injury) seemingly due to hitting the ball with great force.78

Gill’s extraordinarily rancid luck has given him a near-complete collection of cricket’s head and neck injury mechanisms—while mercifully leaving him alive and able to walk. With him possibly out of the upcoming second Test in Guwahati, I began wondering: are there ways to prevent these incidents, or at least reduce their impact?

Let’s look at the systemic issues that makes so many cricketers prone to these injuries.

A primer on these injuries
A head and/or neck injury can result in a wide spectrum of medical consequences—ranging from mild, temporary symptoms to life-threatening or permanently disabling outcomes. Here’s a table:

Injury TypeHow it May Be AcquiredPossible Consequences
Concussion (Mild TBI)9Direct blow from ball to helmet or head, collision with another player, fallHeadache, dizziness, memory loss, nausea, confusion, balance problems, post-concussion syndrome
Skull Fracture10Direct impact from ball, bat, or player collisionSevere pain, swelling, bleeding, loss of consciousness, infection, nerve damage, possible brain bleeding
Intracranial Hemorrhage (brain bleed)11High-speed ball impact to skull, bat strike, severe collisionSudden severe headache, loss of consciousness, vomiting, seizures, neurological deficits, possible death
Facial Fractures12Ball impacts below/ around helmet faceguard, collision, ground impactBroken nose/jaw, facial pain/swelling, difficulty speaking/eating, cosmetic changes, nerve damage
Cervical Spine Strain/ Whiplash1314Diving or falling, abrupt neck rotation, head hitting groundNeck pain, stiffness, muscle spasm, headaches, sometimes chronic pain
Cervical Vertebra Fracture1516Violent fall, high-speed collision, severe ball impact to neck/headSevere pain, numbness, paralysis, deformity, loss of sensation or movement below injury, spinal surgery
Spinal Cord Injury17Major blow/ trauma to neck, severe vertebral fracture, direct ball impactPartial or complete paralysis, loss of sensation, loss of bladder/bowel control, breathing problems
Vertebral Artery Dissection (a tear in the wall of the vertebral artery in the neck, which can lead to a blood clot that disrupts blood flow to the brain)1819Ball impact to neck, rotation injury (rare, catastrophic, eg. Phil Hughes)Stroke symptoms: weakness, speech difficulty, visual loss; can cause fatal brain bleed (subarachnoid)
Lacerations (tears/ cuts on the skin) & Contusions (a bruise where blood vessels are damaged, causing bleeding under the skin without an open wound)2021Ball, bat, or ground strike to head, neck or facePain, swelling, bleeding, bruising; can mask deeper fracture or brain injury; risk of infection
Post-Concussion Syndrome22Follows concussion; persistent symptoms after head impactPersistent headaches, fatigue, dizziness, concentration and memory problems, depression, sleep issues
Second Impact Syndrome 23Second head blow before healing from concussionRapid brain swelling, coma, death (rare, but catastrophic), reason for strict return-to-play protocols
Cumulative/ Repeated Injuries24 Multiple minor head/neck impacts/whiplash or blows over timeChronic Traumatic Encephalopathy (CTE): memory loss, mood changes, aggression, depression, dementia
Cognitive/Psychological Effects25Any traumatic head/neck injury, even mildConcentration, memory deficits, fear of fast bowling, nightmares, performance decline, depression, anxiety


Concussion vs non-concussive impacts
A study of elite Australian cricketers over 12 seasons recorded 199 traumatic head and neck injury events, with the incidence increasing to 7.3 per 100 players after helmet regulations were introduced in 2016.262728 Contusions were the most common injury type (41%), with the face being the most frequently injured location (63%), followed by the neck (22%) and skull (15%).262728 Victorian hospitals alone treated 3,907 head, neck, and facial cricket injuries over a decade, with a notable increase from 367 to 435 cases during the 2014/15 season.262728 The burden extends beyond elite cricket. Hospital admission data shows an incidence of 1.2 head and neck injuries requiring hospitalization per 1,000 participants across all participation levels.262728 Males experience significantly higher injury rates (1.3 per 1,000 participants) compared to females (0.4 per 1,000), with the 10-14 age group being the most frequently hospitalized.27

Evidence suggests that batters who suffered helmet strikes without diagnosed concussion experienced significant batting performance decline for up to 3 months, and that performance dropped from +0.24 standard deviations above average to -0.24 below average—a total decline of approximately 0.48 standard deviations, a statistically meaningful performance decline.293031 (DON’T PANIC HERE’S AN ILLUSTRATIVE EXAMPLE WITH MADE UP NUMBERS: This means there might be a reasonable chance, let’s say around 30–40%, that a player who usually averages 50 could instead average something like 42–45 for the next few innings, not because their skill disappeared, but because the non-concussive head impact can affect timing, confidence, decision-making, and overall performance.)

Further, research using computerised cognitive testing on concussed cricketers shows:​38

  • Detection speed (recognising a stimulus) slows by 27 milliseconds
  • Identification speed (processing what you see) slows by 49 milliseconds
  • Working memory (holding information while making decisions) slows by 53 milliseconds

No one familiar with cricket needs any explanation about what this means for elite cricketers facing a hard cork ball coming in at 140 kmph: on lucky days it can be the difference between middling the ball or edging to slip. On a bad day it can mean a dead cricketer.

Paradoxically, concussed players showed no significant performance decline, perhaps because they received structured return-to-play protocols, possibly with psychological support.29

This is just more evidence that the sport does not take head/ neck injuries seriously enough: unless it is a concussion, it’s nothing. Compare this to any other physical injury- a sprained ankle receives appropriate treatment, just like a broken one, yet unless there is a proven concussion, it is either seemingly assumed no injury has taken place at all, or it requires no further support. Are we surprised? After all, the box was invented and widely used long before helmets were.3233 Given the documented primate instinct to protect our heads above all else during danger,34 it’s no wonder that when we fail at this, such as when a ball strikes us in the noggin despite our best efforts, the psychological consequences can be severe and lasting.

Feeling all wrong in the head
Following his 2014 facial fracture from Varun Aaron’s bouncer, Broad suffered ongoing nightmares and flashbacks for months, even during sleep deprivation.35 His jaw clicked involuntarily, and he saw balls flying at his face in the middle of the night, a form of post-traumatic stress that affected his batting technique for years afterward.35 His confidence was “knocked big time,” and his post-injury batting statistics show measurable decline, particularly his reluctance to play front-foot drives, as he now camps perpetually on the back foot anticipating short balls.​3536

Broad’s quality of life went down significantly due to this injury and there’s no knowing if he’ll ever quite be free of this particular demon. Who knows when it might come knocking at his mental doors again? Why does it matter- well, it matters because he’s a person and we don’t want him to be unwell. It also matters because it shows something cricket rarely acknowledges: psychological injuries are also performance injuries.

Cumulative trauma and CTE24
Critically, research increasingly shows it’s not just diagnosed concussions that matter—repeated subconcussive impacts (hits that don’t cause immediate symptoms) carry serious long-term risks. Research on chronic traumatic encephalopathy (CTE, a brain disease that is thought to be caused by repeated head injuries) associates with repetitive head impacts over years that trigger neurodegenerative disease. The CDC’s guidance on traumatic brain injury emphasises that repeated head impacts can produce brain changes detectable on neuroimaging even without concussion symptoms. Studies tracking athletes show that the number of years exposed to contact sports—not the number of diagnosed concussions—most strongly predicts brain pathology severity. To really understand what this means, here is what CTE manifests as: progressive memory loss, mood disturbances, aggression, dementia, and in approximately 45% of CTE cases, full dementia develops. Approximately 66% of CTE patients over age 60 develop dementia, and the number of years of exposure to contact sports (not the number of concussions) is significantly associated with severity.​

This means every helmet strike suffered matters. Every bouncer that rattles a helmet. Every collision. Every seemingly “minor” blow that is waved off, often enough by the players themselves. These accumulate over years and decades, potentially causing permanent brain changes long before symptoms appear. And let me tell you something macabre: CTE can only be definitively diagnosed post-mortem.37

All this brings us back to Shubman and a very obvious cricketing: rest. Gill has played an almost uninterrupted international schedule, often under immense leadership pressure. Because better rest means better recovery, it’s not difficult to wonder whether Gill’s ICU trip could have been prevented had his workload and injuries been managed better.

Workload management
Sleep restriction has been definitively demonstrated to negatively impact attention and reaction time.39 In cricket, batters and fielders with sleep disturbances or excessive match load develop more muscle strains and are more likely to suffer slips, misfields, or head impacts, while fast bowlers with insufficient rest between spells or days have higher rates of stress fractures, shoulder injuries, and muscle tears.

Research shows that reaction times slow by 26-215 milliseconds (depending on the individual) after concussion injuries. Critically, even athletes cleared for return-to-sport still demonstrate reaction time deficits compared to healthy controls, meaning their brains haven’t fully recovered despite being medically cleared.404142

In cricket, unlike many sports, everyone must be batting-ready—even bowlers and lower-order players face 90-mph deliveries with potentially milliseconds to react. When fast bowlers complete bowling spells without adequate recovery, their neuromuscular function is compromised for up to 24 hours (This means their muscles don’t fire as well, coordination is compromised, and they become more prone to awkward movements that cause injuries. Studies using countermovement jump testing (a standard assessment of neuromuscular readiness) show measurable declines lasting a full day after intense bowling.43

But as previously mentioned, exhaustion leads to lower reaction times, because sleep deprivation and cognitive fatigue directly impair neural processing speed:4445 so, a cricket ball traveling at 90 mph and reaches the batter in approximately 400-500 milliseconds, which is the total available response time to any batter. A 26-millisecond slowdown in reaction time means that the batter now has 5-6% less available time to respond (that is, because sleep deprivation and cognitive fatigue directly impair neural processing speed, a 26-millisecond slowdown in reaction time means the batter has 5–6% less time to respond.).46 For a fatigued player this could easily be the difference between playing the ball and getting hit.

Sudden workload spikes add to general fatigue issues. Sports scientists measure this through a metric called Acute:Chronic Workload Ratio (ACWR), and it is used to predict injury risk. It’s calculated in the following way:4748

  • Acute workload = work done in the past 7 days
  • Chronic workload = average work over the past 4 weeks
  • ACWR = acute divided by chronic

Research shows that when ACWR exceeds 1.5 (meaning you’re doing 50% more work this week than your 4-week average), injury risk spikes dramatically. Above 2.0, players face 5-8 times greater injury risk. Professional teams using GPS tracking to monitor ACWR have reduced injury rates significantly—yet this technology remains underutilis

ed, particularly at international level where scheduling pressures often override medical best practices.

ICC’s concussion guidelines4950
The International Cricket Council (ICC) mandates structured on-field assessment (SCAT6) at match breaks, end of play, and at 24 and 48-hour intervals. Players diagnosed with concussion must be immediately removed and cannot return the same day. Return-to-play protocols typically take at least 7 days and include: 24 hours relative rest, light aerobic exercise, light training, and progressively returning to full participation—but junior players (under 18) must wait a minimum of 14 days after symptom clearance before competitive play.

In June 2025, the ICC introduced a mandatory minimum seven-day stand-down for any player diagnosed with a concussion,51 and teams must now nominate designated concussion replacements before a match52.

The ICC has also set specific standards that all approved helmets must meet. These are (BS 7928:2013 + A1:2019 standard, which includes tests for neck protectors):5354

  • Faceguard penetration testing at realistic ball impact speeds
  • Testing against both men’s (5.5 ounce) and junior (4.75 ounce) cricket balls
  • Neck protector impact testing specifically designed to reduce basal skull and neck injuries

Also, currently the Marylebone Cricket Club (MCC, the body that makes laws for cricket) has concluded after that law changes are not necessary, instead emphasising umpire discretion under Law 41.6, which allows umpires to call dangerous short-pitched deliveries as no-balls if bowlers exceed shoulder height or if the batter lacks skill to face them safely.​5556 One would imagine this would cover all scenarios, however, we know this is not the case.

A bit about helmet design
Cricket helmets need to meet three competing requirements: protection, visibility, and weight. An improvement in one area is likely to compromise the other two.

When a batter walks out to face 140 kmph bowling, what they need most is clarity. They need to see the ball early and track it right out of the bowler’s hand. That means the helmet can’t be too big, too heavy, too bulky, or too close around the eyes. At the same time, protection demands more coverage, especially around vulnerable areas like the jaw hinge and lower skull. And then there’s weight: add too much carbon fibre or too thick a liner, and the helmet becomes a neck injury waiting to happen, not to mention general discomfort and possibly compromising the athlete’s ability to move their head.

We also have evidence of serious blind spots in helmet design: before Phil Hughes passed in 2014, no major manufacturer seriously considered that the most catastrophic head injury in cricket might come from below the helmet and behind the ear, simply because nothing of the sort had been recorded before. It took Hughes’ fatality for the entire cricket world to realise how vulnerable that area actually was-5758 something any trainee doctor is likely to know. Suddenly, manufacturers scrambled to create neck guards, which remain optional to this day. I shudder to think whose blood is going to buy us the next development in helmet technology.

At the moment, most modern helmets use:5960

  • A hard outer shell of ABS, fibreglass, or carbon fibre
  • A foam liner, usually EPS or multi-density foam
  • A steel or titanium grill
  • Padding around the jaw and chin

They perform very well against linear acceleration (straight-line impacts), but many of the worst brain injuries come from rotational acceleration,6162 when the head violently twists rather than just moves backward: traditional helmets aren’t great at stopping such injuries, and current testing standards often don’t measure it.636465 By the way, learning this has made me genuinely grateful that Gill walked away from his third injury.

To recount, at the moment, the ICC requires helmet’s to be tested for whether the ball can penetrate the grill, peak velocity impacts, protection against both senior and junior cricket balls, and for neck guard impacts.54

What we’re missing: tests for rotational concussion risk, no requirement for repeat-impact safety (a helmet can pass the test once and still weaken after a few blows), and there is no measurement system or guideline that helps medics determine how long a player should be out of the game in case of non-concussive injuries. Or even repeat non-concussive traumas that happen within a short timeframe like Gill’s.

The technology cricket isn’t using66676869707172
In American football, ice hockey, and even rugby, athletes now routinely wear helmets or mouthguards that contain:

  • accelerometers
  • gyroscopes
  • rotational-force sensors
  • radio transmitters to send impact data to support staff

The moment an athlete suffers a dangerous hit, medical personnel get an alert.
There’s no argument, no debate, no “I feel fine, I’ll carry on.”

Cricket could have this tomorrow if our administrators took this issue seriously enough. The technology is cheap, lightweight, and has already been validated in other sports.

A smart cricket helmet could tell the physio: this was a 75g impact with significant rotational acceleration. Used in combination with a standardised medical guideline from the ICC, that player could be removed immediately and rested for as long as required. And maybe if this happens, there may be a cultural shift where we wouldn’t need a Ravindra Jadeja falling about being dizzy during an innings break, and then have the team management answer batshit questions about whether the substitute was a like-for-like replacement.7374

There are also exciting innovations happening which don’t involve adding meters to the helmet, such as 3D-printed lattice structures which deform in controlled ways to absorb and dissipate energy more efficiently than traditional foam (they’re already used in some of the safest American football helmets)757677and multi-impact liners, which maintain their protective performance across several blows7879.

I’ve done a tabular comparison of existing international cricket helmets with those used in F1 races and NFL matches in Appendix 2, if you want to scroll down.

Risk Compensation
I just want to note a human tendency that has been verified by research: the safer we feel, the more risk we take. It has been demonstrated repeatedly:

  • Cyclists ride faster with helmets808182
  • Ice hockey players hit harder when facial cages are added83
  • American football players tackle more aggressively with better padding8485

There’s no clear, modern (2020s) empirical study linking helmet use leads to increased aggressive shot-making or riskier batting in cricket, but humans are humans, and so hopefully any future studies about the use and usefulness of protective gear in cricket will take this into account.

So what to do?
Here are my suggestions as a non-medically trained fan:

A. Medical Safety Protocols

  • Collaboration between ICC and doctors who specialise in cranial trauma, neck injuries, etc. (whether concussive or not), and sports medicine specialists from other sports with more advanced athlete support for such injuries to study and understand all such injuries better and release recommendations that are either endorsed or updated annually as required.
  • An athlete who has suffered two head/neck injuries within the space of 30 days (or whatever number medical professionals agree on) should automatically be placed on a two-week mandatory medical rest.
  • A full set of medical tests and scans at a hospital (not just by the team physio) after every head/neck injury.
  • Actual regular sports medicine assessments, not just after injuries occur.
  • Independent medical oversight that is not influenced by team selection pressures (either from the team or the athlete themselves).
  • MANDATORY MENTAL HEALTH SUPPORT for any injured players, and also for those returning from these kinds of injuries.

B. Monitoring & Injury Tracking

  • Mandatory biomechanical screening to identify high-risk movement patterns for each athlete.
  • Career-long injury tracking to identify cumulative trauma patterns and to strengthen vulnerable areas before injuries happen.
  • Smart helmet or wearable impact monitoring to quantify dangerous blows and guide medical care.

C. Workload Management

  • Workload management for all cricketers, no matter how important they seem to be for a particular team or cricket ecosystem.
  • The use of ACWR and/ or other sports science metrics to identify and prevent dangerous spikes in workload.

D. Technical & Skill Interventions

  • Mandatory bouncer-playing classes for all cricketers. If bouncers are part of the game and cannot be curbed, we need to teach every cricketer how to play them. ICC can standardise these educational modules.
  • Annual board audits checking whether cricketers have received from each board have received these lessons.
  • Active field awareness training so players stop colliding. Collisions are so preventable.

E. Equipment, Technology & Design

  • Using all technology available for helmets that actively prevents ball-hit injuries.
  • Adoption of advanced materials (3D lattice structures, multi-density liners) to reduce both linear and rotational impact forces.
  • Exploring mandatory neck guards, redesigned to address current comfort and visibility issues.

F. Cultural Redo

  • A cultural shift that doesn’t look at injuries as weaknesses.
  • The cricketing ecosystem needs to stop simply mourning dead cricketers and start actively preventing these deaths.
  • Stop treating head and neck injuries as “part of cricket.” They’re not inevitable; they’re preventable.

In conclusion
As a cricket fan, I’ve admired the several instances of cricketers putting their bodies on the line for … for what? A match? Rishabh Pant batting with a broken foot, Anil Kumble bowling with a broken jaw, Chris Woakes batting with whatever was going on with his shoulder, Cheteshwar Pujara wearing balls, Greame Smith walking out to bat with a broken hand, Phil Hughes dying. All these have something in common: cricket valorises suffering. We celebrate wounded heroes, but never ask why they had to be wounded in the first place.

NameCountryYearType of Injury
Phillip Hughes86Australia2014Neck (vertebral artery dissection)
Raman Lamba87India1998Head (intracranial hemorrhage)
Ben Austin56Australia2025Head/Neck (blow at practice)
Ankit Keshri88India2015Head (collision)
Wilf Slack89England1989Unknown (collapsed batting)
Our dead: An incomplete list of cricketers dead due to head/ neck trauma. Truly, shame on us.

Cricket is a sport. It’s my favourite sport. It’s a wonderful, beautiful, demanding, meaningful sport. But it is still just a sport. Cricketers are human beings with futures, families, and brains that deserve protection. The solutions exist. The research is clear. The deaths are preventable. And it is well past time we started preventing these unnecessary deaths instead of mourning them.

___

Appendices

Appendix 1: No surprises
I don’t have access to Gill’s workload or any personal statistics, but I wanted to understand how correct my instincts were about my hypothesis regarding these three recent injuries and his workload. I’ve made some assumptions, and take everything with a healthy spoonful of salt, but here are my calculations.

I’ve used the following research-established numbers:90919293

ACWR RangeRisk CategoryInjury Risk Multiplier
< 0.80UndertrainedModerate (fitness declining)
0.80–1.30OptimalLowest injury risk
1.30–1.50Elevated Risk1.5–2× baseline risk
1.50–2.00High Risk3–5× baseline risk
> 2.00Danger Zone5–8× baseline risk

My assumption is that 1 hour of active cricket = 1 workload unit. This leads to the following table:

FormatMatch DurationWarm-up/Cool-downTotal Hours per MatchWorkload UnitsNotes
T20 Match~3 hours~1 hour4 hours4 unitsSingle day event; quick recovery cycle
ODI Match~7 hours (50 overs/ side)~1 hour8 hours8 unitsSingle day event; moderate duration
Test Match (per day)~6.5 hours (3 sessions: 2+2+2.5 hours)~0.5 hours7 hours/ day7 units/ day5 consecutive days without recovery break
Test Match (total)6.5 hours/ day × 5 days0.5 hours/ day × 5 days35 hours total35 units totalCumulative fatigue compounds daily; requires 24-48 hours recovery post-match

So here’s Gill’s recent workload:

Date RangeSeriesMatchesHours per MatchTotal Hours (Workload Units)
Jan 22-Feb 12India vs England (Home)5 T20Is + 3 ODIsT20: 4 hours ODI: 8 hours44 hours
Feb 20-Mar 9ICC Champions TrophyODI TournamentODI: 8 hours32-48 hours
Mar 22-Jun 3IPL 2025 (Gujarat Titans captain)T20 LeagueT20: 4 hours60 hours
Jun 20-Aug 12India tour of England5 TestsTest: 35 hours each175 hours
Sep 18-Oct 1Rest/Break0 hours
Oct 2-14India vs West Indies2 TestsTest: 35 hours each70 hours
Oct 19-Nov 8India tour of Australia3 ODIs + 5 T20IsODI: 8 hours T20: 4 hours44 hours
Nov 14-26India vs South Africa2 TestsTest: 35 hours each70 hours
Nov 30-Dec 19India vs South Africa (cont.)3 ODIs + 5 T20IsODI: 8 hours T20: 4 hours44 hours
Gill’s workload calculation

The weekly ACWR analysis (bold typography used for each of the injuries):

Week StartingActivityAcute Workload (7 day period in hours)Chronic Workload (28-day avg. in hours/ week)ACWRRisk Zone
Jan 22England T20/ODI start16 hours (2 T20s + 1 ODI)14 hours/ week baseline1.14Optimal
Apr 1IPL mid-season8 hours (2 T20s)8.6 hours/ week0.93Optimal
Jun 1Pre-England Tests4 hours (1 T20)8 hours/ week0.50Undertrained
Jun 20England Test 135 hours (5-day Test)14.5 hours/ week2.41Danger Zone
Jul 2England Test 235 hours22 hours/ week1.59High Risk
Sep 25Pre-WI Tests0 hours (rest)12 hours/ week0Recovery
Oct 2-8WI Test 135 hours17.5 hours/ week2.00Danger Zone
Oct 10-16WI Test 2 (injured)21 hours (retired Day 3)19 hours / week1.10Moderate
Oct 19-25Australia ODIs16 hours (2 ODIs)28 hours/ week0.57Undertrained
Oct 26-Nov 1Australia T20s12 hours(3 T20s)26 hours/ week0.46Severely Undertrained
Nov 9-15Travel/prep~7 hours (assuming light training)21 hours / week0.33Undertrained
Nov 14-20SA Test 135 hours21 hours/ week1.67High Risk
Gill’s ACWR analysis

Now, make of the above whatever you will. Correlation is not causation and the ball-hit injury happened after a rest period so that injury doesn’t fit the ACWR model. However, given the above, I’m not sure I’d dismiss the injury-pattern as as just very poor luck: while ACWR may not fully explain all three injuries, the cumulative fatigue coupled with inadequate recovery protocols do seem to create demonstrable vulnerability.

The point isn’t that ACWR perfectly predicts all three injuries. It doesn’t. As a model it predicts risk of something happening rather than saying with surety that it will happen. However, perhaps it can tell us something about the impact of inadequate recovery windows, format transitions, and cumulative load overlapping issues that increase injury susceptibility, especially when combined with psychological stress from captaincy and the normal stochasticity of playing cricket at 140 kmph.

Appendix 2: Comparison table between helmets used in F1, NFL, and international cricket

Here’s a comparison between helmets used by F1 racers, elite American Football athletes, and international cricketers (I’ve used bold typography for features I think cricket helmets should have, and couldn’t find verifiable data for helmet weights):

FeatureF1 Racing949596979899NFL (American Football)100101102103104105106107International Cricket54108109110111
ProtectionToughest shell. Built to survive high-speed crashes, resists hits from all angles and projectiles. Added ballistic strip on visor for extra protection.Cutting-edge impact protection. Designed to absorb hits from all directions; includes special padding to prevent concussions and uses smart sensors.Protects against fast balls and bouncers. Hard shell and grille stop balls entering; strong for head-on hits, but less effective for twisting injuries.
VisibilityMaximum: very wide visor, minimal distortion, designed for 180° vision at 300 km/h.Wide and high field of view. Thin facebars ensure players see clearly, important for catching and dodging tackles.High: grille and shell designed to allow batters to see the bowler and ball clearly, but some guard designs can slightly obstruct vision above/below.
Special FeaturesFire-resistant, radio setup, multiple visor options for sunlight.Smart sensors detect hard hits, customisable fit, extra light facemasks (titanium options).Removable padding, neck guards added after recent fatalities, optional extra light titanium grille for better comfort.
Crash/Impact TestingMost rigorous: tested for hits from race wrecks, flying debris. Top global safety standards.Lab-tested for head injuries, including concussion risk—best for rotational/twisting impacts.Tested for direct ball impacts, facial and neck injuries; not formally tested for twisting/rotational impacts yet.
OverallMost protective helmet in any sport, a bit heavier but unbeatable for safety.Best for head impacts and preventing concussions in team sports.Tech is advancing fast.Lightest, adequate for direct hits, but not yet matching F1/NFL for twisting impact safety.
Comparison table between helmets used in F1, NFL, and international cricket

I’m not suggesting just using a helmet from another sport. I’m saying we can make our helmets much better right now if we wanted to.

I cannot believe I’ve put in appendices for a goddamn blog post.

Sources (I’ve removed the duplicates so there are fewer links than the numbered links above)

  1. Shubman Gill Collides With West Indies Keeper – News18
  2. Yashasvi Jaiswal Turns Doctor After Shubman Gill Collision – NDTV Sports
  3. Josh Hazlewood Hits Shubman Gill on the Head with Brutal Bouncer – CricketAddictor
  4. Video Clip – ESPN
  5. Melbourne Teenager Dies After Being Struck in the Neck at Cricket Training – ESPNcricinfo
  6. Ben Austin: Young Life Snuffed Out, Phil Hughes Tragedy Recalled – Indian Express
  7. Watch: Shubman Gill Faces Head Injury, Yashasvi Jaiswal Conducts Concussion Test – CricTracker
  8. Shubman Gill Returns to Team Hotel After Neck Injury – NDTV Sports
  9. Concussion – Symptoms and Causes – Mayo Clinic
  10. Skull Fractures – UC Health
  11. Brain Bleed (Intracranial Hemorrhage) – Cleveland Clinic
  12. Cricket Related Maxillofacial Fractures – PMC
  13. Whiplash and Cervical Spine Injury – Patient.info
  14. Sports Injuries of the Head and Neck – Physiopedia
  15. Cervical Spine Fractures in Contact Sports – Physiopedia
  16. Sports-Related Neck Injury – American Association of Neurological Surgeons
  17. Spinal Cord Injury – World Health Organization
  18. Vertebral Artery Injury – StatPearls – NCBI Bookshelf
  19. Cervical Artery Dissection – Bupa UK
  20. A Systematic Review of Head, Neck and Facial Injuries in Cricket – Thieme
  21. Head Injury and Concussion in Cricket: Incidence, Current Practice and Implications – Wiley
  22. How to Recognise and Treat Concussions in Sport – Coast Sport
  23. Repetitive Head Impacts and Chronic Traumatic Encephalopathy – PMC
  24. Traumatic Brain Injury – Symptoms and Causes – Mayo Clinic
  25. Traumatic Head and Neck Injuries in Elite Australian Cricket – PMC
  26. Traumatic Head and Neck Injuries in Elite Australian Cricket – PubMed
  27. A Decade of Head, Neck and Facial Cricket Injury Presentations – ScienceDirect
  28. Observable Player Behaviours and Playing Performance After Helmet Strike – PMC
  29. Observable Player Behaviours and Playing Performance After Helmet Strike – BMJ Open Sport
  30. Observable Player Behaviours After Helmet Strike – PubMed
  31. Protective Cricket Gear – Purpose Of
  32. ICC Cricket Helmet Safety Project – Aspetar Sports Medicine Journal
  33. Defensive Mimic Theory – Princeton University
  34. Stuart Broad Still Suffers Nightmares After Facial Injury – BBC Sport
  35. Stats Analysis: Stuart Broad Before & After Varun Aaron’s Bouncer – Cricket Strategist
  36. Chronic Traumatic Encephalopathy Research – ScienceDirect
  37. Sleep Deprivation and Athletic Performance – PMC
  38. Sleep Restriction and Attention/Reaction Time – PMC
  39. Reaction Time Deficits After Concussion – Health Nexus Journal
  40. Reaction Time After Concussion – PMC
  41. Reaction Time and Concussion Recovery – ScienceDirect
  42. Neuromuscular Fatigue in Fast Bowlers – PMC
  43. Lack of Sleep and Cognitive Impairment – Sleep Foundation
  44. Sleep Deprivation and Neural Processing Speed – ScienceDirect
  45. Reaction Lag: Does Fear Change Your Bat Speed? – Magnus Cricket
  46. Spikes in Acute:Chronic Workload Ratio Associated with Injury – British Journal of Sports Medicine
  47. The Relationship Between ACWR and Injury Risk – Dove Medical Press
  48. Legal Framework of Concussion Management in Cricket – G-SPR
  49. ICC Concussion Management Guidelines – ICC PDF
  50. Minimum 7-Day Stand-Down for Concussed Players – NDTV Sports
  51. ICC Tweaks Two-Ball Rule, Tightens Concussion Protocols – The Statesman
  52. Helmets or Head Protectors – ICC Cricket
  53. MCC to Consult on Changes to Bouncer Regulations – ESPNcricinfo
  54. No Need to Ban Bouncers, Declares MCC – Cricbuzz
  55. IoT Integrated Accelerometer Design for Cricket Helmets – SCITEPRESS
  56. Inquest into the Death of Phillip Hughes – NSW Coroner’s Report
  57. Cricket Helmets Buyer’s Guide – Morrant
  58. Equipment Guide: Helmets – Fast Track Coaching
  59. Helmet Impact Testing Research – PubMed
  60. Rotational Helmet Protection Research – PubMed
  61. Rotational Acceleration Measurements: Evaluating Helmet Protection – Cambridge University Press
  62. Sports-Related Concussions – NCBI Bookshelf
  63. Neurosurgical Focus on Head Impact Protection – Journal of Neurosurgery
  64. Smart Helmet Technology for Impact Detection – PubMed
  65. Impact Sensor Technology Research – Ohio State University
  66. Smart Helmet Sensor Research – National Science Foundation
  67. Head Impact Sensors in Sports – Encyclopedia
  68. Head Impact Monitoring in Sports – Frontiers
  69. Advanced Impact Sensor Analysis – arXiv
  70. Head Impact Sensors: Product Guide – MomsTeam Institute
  71. Yuzvendra Chahal Replaces Ravindra Jadeja as Concussion Substitute – Scroll.in
  72. Chahal ‘Like-for-Like’ Substitute for Concussed Jadeja – Times of India
  73. 3D-Printed Helmet Lattice Structures – PubMed
  74. Advanced Helmet Materials Research – PubMed
  75. Polymers in Helmet Protection Technology – MDPI
  76. Helmet Design Optimization Research – arXiv
  77. CAD Design of Protective Helmets – CAD Journal
  78. Risk Compensation in Sports Safety – PubMed
  79. Helmet Use and Risk Compensation – Transport Research Board
  80. Sustainability in Sports Safety Equipment – MDPI
  81. Risk Compensation: A Side Effect of Sport Injury Prevention – ResearchGate
  82. Risk Compensation in Sports – Springer
  83. Risk Compensation Theory – ResearchGate
  84. Hughes Suffered Extremely Rare, Freak Injury to Neck – ESPNcricinfo
  85. Rewind to 1998: The Tragic Death of Raman Lamba – ESPNcricinfo
  86. Bengal Player Dies After On-Field Accident (Ankit Keshri) – ESPNcricinfo
  87. Wilf Slack – ESPNcricinfo
  88. Workload Management in Team Sports – PubMed
  89. Workload Monitoring in Elite Cricket – PMC
  90. ACWR and Injury Prediction – PubMed
  91. Acute Chronic Workload Ratios Explained – SSPC Physiotherapy
  92. Formula 1 Helmets: How F1 Helmet Technology Has Evolved – RaceTEQ
  93. What Are the FIA and Snell Helmet Standards? – GPR Direct
  94. Motorsport Helmet Homologation Guide – Nicky Grist Motorsport
  95. New F1 Helmet Safety Standard to be Introduced for 2019 – Formula1.com
  96. F1SF Fire Helmet Brochure – Earshot Communications
  97. How F1 Helmets Are Made – YouTube
  98. The Engineering Behind the VICIS ZERO1 Football Helmet – GrabCAD
  99. The Zero1 Flexible Football Helmet May Save Players’ Brains – Wired
  100. VICIS ZERO2 Helmet – Official Product Page
  101. NFL’s Safest Helmets Absorb Impact With 3D Printing Instead of Foam – Forbes
  102. Football Concussions: Prevention, Diagnosis & Recovery – Cognitive FX
  103. VICIS Zero2 Elite Varsity Helmet – Marchants
  104. Masuri Cricket Helmet Impact Safety Testing – Masuri
  105. Cricket Helmet Advice – Cricket Centre Australia
  106. How Changes in Cricket Helmet Regulations Affect Vision – PubMed
  107. Cricket Helmet Guide: How to Choose the Right One – Go Cricit

The Finrod-Eöl scale

As any Tolkien nerd knows, first age Tolkien characters (and storylines) are a goldmine of layered characters, events, and rich psychology. One never knows what they’ll discover in the books themselves, and what that will change in the reader as an individual. Here are a couple of things I’ve come up with.

The Finrod-Eöl scale of male behaviour
The golden Finrod Felagund represents the idealized “good man” archetype in Tolkien’s legendarium. He’s the eldest son of Finarfin, the King of Nargothrond, and exemplifies noble masculinity: he is described as wise, generous, and uniquely disposed toward friendship with humans. His story culminates in ultimate self-sacrifice when he dies protecting Beren from a werewolf, using only his bare hands, fulfilling an oath he had made. Finrod embodies compassion, cross-species alliance-building, emotional depth, and willingness to sacrifice power for ethical principles. He is frequently characterised as saintly, keeping his oaths no matter the cost and loving those around him even when they were undeserving. His actions demonstrate a form of manhood that resists some aspects of patriarchal dominance. He’s even Galadriel’s big brother.

Eöl the Dark Elf is the other pole of the scale, and is characterised by isolation, misogyny, control, and violence. He traps the lovely Aredhel in the forest of Nan Elmoth and “marries” her in what multiple scholars have interpreted as a relationship founded on coercion and violation. He attempts to control every aspect of Aredhel’s life, forbidding her contact with her kin and the Noldor. When Aredhel and their son Maeglin, born of her rape by Eöl, escape to Gondolin, Eöl pursues them with murderous intent, throwing a poisoned javelin that kills Aredhel when she shields their son. Before his execution, he curses Maeglin, demonstrating profound vindictiveness even in death, even against his own child. He represents violent, controlling, possessive masculinity that views women as property.

In the Finrod-Eöl scale of male behaviour, I posit that Earthly male behaviour is distributed across this spectrum, with most behaviours occupying positions between these extremes. Men’s behaviour isn’t stuck in one place. Each action, each relationship, each choice lands somewhere on this spectrum, with most actions and indeed most men falling between the two poles like any normal distribution. This reflects Raewyn Connell observation that hegemonic masculinity—the culturally idealised form that legitimises patriarchy—is not “normative in the numerical sense, as only a small minority of men may enact it”: few men fully embody either Finrod’s exceptional virtue or Eöl’s extreme toxicity.12

I want to reiterate this is explicitly about male behaviours, not about male identity or being. This is not about fixing men in permanent positions on the scale. Rather, each behaviour or act can land at a different point on the scale, and whilst each man will find himself at a particular position, this is due to their personal actions overall clustering around that part of the scale. This conceptual scale is supported by both the existence of multiple concepts of masculinities,3 such as hegemonic, complicit, subordinate, and marginalised, as well as by research on masculinity norms.

Besides, identity is fluid.

This is demonstrated by the “Man Box” study, which found that young Australian men who endorsed dominant masculinity norms (inside the “Man Box”) were significantly more likely to perpetrate violence: 47% had perpetrated physical bullying in the past month compared to 7% of those outside the Man Box, and 46% had made sexual comments to unknown women compared to 7%.4 That is to say, masculinity is a scale. Most men practise what Connell terms “complicit masculinity,” in which they do not fully embody hegemonic ideals but “still benefit from the ‘patriarchal dividend’ that advantages men in general through the subordination of women”. These are men who may not personally engage in the most extreme forms of masculine domination but who tacitly support the system that enables it.​5

The Core Thesis: How “Finrods” Benefit from “Eöls”
My central argument is that men positioned toward the Finrod end of the scale—those who exhibit more prosocial, egalitarian, or feminist behaviours—derive systematic benefits from the existence of men at the Eöl end. Relative comparison (moral and social) becomes a mechanism that sustains patriarchy, even among men who see themselves as “progressive”. This operates through several mechanisms:

  • The Relativity Advantage:6 Egregiously bad actors make average male behaviour seem exceptional by comparison, granting unearned credit to men who are merely ‘not-Eöl.’
  • The Deflection Function: The existence of extreme cases allows men across most of the spectrum to deflect responsibility for systemic gender oppression. That is, by pointing to Eöls, men on the Finrod side of the scale, and those in between the poles, can maintain that they are fundamentally different, obscuring the ways they may still benefit from and participate in patriarchal systems.​
  • The Patriarchal Dividend:789 Another of Connell’s theories, which says that “men benefit from the overall subordination of women” regardless of their individual beliefs or behaviors. In patriarchal systems, “all men receive economic, sexual, and psychological benefits from male supremacy”. Even men who genuinely oppose gender inequality receive material advantages—higher wages, freedom from fear of sexual violence, presumed competence in professional settings—that flow from systemic structures maintained by the more overtly oppressive behaviors of men further along the scale toward Eöl.​
  • The Protection Racket:101112 Men who present as “good” often receive trust, access, and emotional labour from women specifically because they are perceived as safe in contrast to dangerous men. The fear women experience from the Eöls of the world makes them grateful for and dependent on the Finrods. This manifests in what scholars call “protector masculinity,” where men gain status by positioning themselves as guardians against other men’s violence, which “affirms femininity as subordinate and lacking in agency”.
  • Structural Complicity:13141516171819 All men benefit from economic, sexual, emotional, and/or psychological benefits from the overall subordination of women regardless of their individual beliefs or behaviors. Even men who genuinely oppose gender inequality receive material advantages—higher wages, freedom from fear of sexual violence, presumed competence in professional settings—that flow from systemic structures maintained by the more overtly oppressive behaviors of men further along the scale toward Eöl.
  • Male solidarity: Men across the scale often maintain solidarity with one another through silence about other men’s problematic behaviors. This silence remains common because it preserves male homosocial bonds. The “good guys” benefit from not disrupting male solidarity, even as this silence enables the “bad guys” to continue harmful behaviors (you may have heard that German saying about how if there is 1 Nazi at the table and 9 other people not refuting the Nazi, there are actually 10 Nazis at the table. The male solidarity I’m talking about is something like that).
  • Reputation Without Transformation: The scale creates a reputational economy in which men can gain feminist credibility through relatively minimal actions. The bar for male allyship is lowered by the existence of egregious actors, such that basic respect for women’s autonomy or basic emotional competence becomes praiseworthy rather than normal.

Patriarchy: the Money-Labour-Violence Pyramid
But first: does the patriarchy even exist? I’ll prove that it does in three points. But first, is there a widely agreed definition of this patriarchy?

Patriarchy is defined by the United Nations and international organizations as a social structure in which men and boys hold primary power and privilege in families, governments, and social organization, while women and marginalized genders are subordinated and structurally disadvantaged. Sociologist Sylvia Walby characterizes it as “a system of social structures and practises in which men dominate, oppress, and exploit women”.​2021

So now, about the proof. According to this widely accepted definition, patriarchy is a pervasive social power structure. Now let’s analyse whether the evidence supports the existence of such a system by looking at three key dimensions:
1. Money is power: who controls wealth and property;
2. What is paid: who performs labour that sustains the system; and
3. Power is power: how that power is protected.

If money is power, then the global distribution of wealth reveals who holds structural power:

  • Men globally own $105 trillion more in wealth than women—a gap equivalent to more than four times the size of the entire US economy.​2223
  • Women own less than 20% of the world’s land globally, with this figure dropping to as low as 10% in some regions.2425
  • Only 15% of agricultural landholders worldwide are women; 85% are men.​25
  • In India, despite progressive legal reforms, women constitute only 14% of landowners and own just 11% of agricultural land in rural landowning households.​25
  • Only 15% of the world’s 100 richest billionaires are women, and most inherited their wealth rather than creating it themselves.​26
  • The 22 richest men in the world have more wealth than all the women in Africa combined.​27

Even among the poorest populations (bottom 25% of wealth distribution), the gender gap persists:27

  • Poorest men hold median wealth of €1,755.92
  • Poorest women hold median wealth of €171.11
  • This means poorest men have approximately 10 times the wealth of poorest women.​
  • Among the extremely poor living on less than $1.90/day, there are 122 poor women for every 100 poor men in peak working years (ages 25-34). This proves patriarchy isn’t just a “rich woman’s problem”—it’s a structural feature that disadvantages women at every economic level.​2829

The concentration of wealth in male hands isn’t accidental—it’s the result of centuries of legal restrictions that prevented women from accessing, owning, and controlling economic resources:

United States:30

  • Until the 1960s, women could not open bank accounts in their own names.​
  • Until 1974 (Equal Credit Opportunity Act), single women almost always needed a male co-signer to obtain credit, and married women were routinely denied credit cards and loans.​31
  • Before 1848 (Married Women’s Property Act in New York), a married woman’s property automatically became her husband’s property upon marriage.​​
  • 1839: Mississippi became the first US state to allow women to legally own property in their own names.​​

Europe:

  • France: Women were not allowed to open bank accounts in their own name until 1881.​3233
  • United Kingdom: The Married Women’s Property Act allowing women to control their own earnings was passed in 1870.​34

Current Global Restrictions (as of 2024):

  • In 34 countries, daughters do not have equal inheritance rights to sons.​35
  • In more than 30 countries, women do not have the right to inherit land, either because laws specifically prohibit it or customary practises override legal protections.​36
  • In 38 countries, inheritance laws for daughters and sons are unequal.​37
  • In 18 countries, husbands can legally prevent their wives from working.​38
  • In 17 countries, including Afghanistan, Saudi Arabia, and Qatar, laws restrict women’s ability to travel outside the home.​38
  • In 32 countries, including Jordan, Haiti, and the Philippines, women cannot obtain a passport without male permission.​38
  • In 104 countries, women are prevented from working in the same occupations as men.​39
  • 167 countries (88% of all countries surveyed) have at least one law restricting women’s economic opportunity.​39

So that’s the first part of my proof that the patriarchy exists. Now let’s talk about how this power structure is protected. Sociological theory establishes that social power structures are maintained through the monopoly and strategic deployment of violence. The state maintains its power through the “legitimate monopoly on violence”, and hierarchical social systems are similarly sustained through the threat and use of force.​

Crucially: There are NO jurisdictions where men face equivalent legal restrictions on property ownership, banking access, or economic participation.​

Inheritance laws are among the strongest structural evidence of patriarchy (because they document how wealth and property are systematically transferred through male lineages across generations):

Islamic Inheritance Law:

  • Under Islamic law, which governs inheritance for 1.8 billion people globally:
  • Sons receive twice the share of daughters (Surah An-Nisa 4:11: “to the male, a portion equal to that of two females.”).​4041
  • If a Muslim man dies, his wife receives:424344
  • 1/4 of his estate if he has no children
  • 1/8 of his estate if he has children​
  • The remainder goes primarily to his children and male relatives.
  • If a Muslim woman dies, her husband receives:4546
  • 1/2 of her estate if she has no children
  • 1/4 of her estate if she has children​
  • Notably, her property can revert to her husband and his family, rather than to her natal family, however there is no blanket rule that her entire estate “reverts” to her husband and his family—her natal family (parents, siblings, etc.) can inherit if they are eligible heirs under Islamic law.47
  • A Muslim’s will can only dispose of up to one-third of their property beyond these fixed shares; the rest is strictly governed by Islamic inheritance laws.48
  • This legal structure ensures that wealth remains concentrated in male hands across generations, as women inherit less and their property flows back into male-controlled family lines (because sons receive double and husbands get a significant fixed share, it is often the case that more property flows back into the husband’s lineage or remains concentrated in the hands of male relatives across generations).49

Hindu Succession Act (India), that is applicable to at least 1 billion people:

  • According to Section 15(1) of the Hindu Succession Act, 1956, when a Hindu woman dies without a will, her property (including self-acquired property) devolves in the following order:50515253
    • First: To her sons, daughters, and husband
    • Second: To the heirs of the husband (not her own parents)
    • Third: To her mother and father
    • Fourth: To the heirs of the father
    • Fifth: To the heirs of the mother​
    • This means even property a woman earns herself is legally structured to flow back into her husband’s family or her father’s family—not through her maternal lineage. As expected, property she inherited from her father or husband automatically returns to those male lineages if she has no children.​54
    • Since amendments in 2005, Hindu women have equal rights to inherit property, but upon their death, the succession order dictated by Section 15 preserves a male lineage priority, especially for self-acquired property.5556

Global Pattern:57

  • Men inherit earlier in life than women, giving them critical time to invest and grow wealth.​58
  • Men receive larger inheritances and more valuable assets (businesses, real estate) while women receive cash.​
  • In families of large business owners, daughters are 18 percentage points less likely to receive business or financial assets than sons.​

This systematic pattern of inheritance laws globally ensures that wealth, property, and economic power remain concentrated in male hands across generations—the operational definition of a patriarchal economic structure.

Pierre Bourdieu’s concept of “symbolic violence” explains how power structures are maintained not only through physical force but through normalized domination. However, physical violence remains the ultimate enforcement mechanism:596061 patriarchal theory sees violence as an extension of authority, control, and maintenance of the social order—especially when boys and men are socialised to see violence as a legitimate tool of power and when male-headed households wield disproportionate control over women and children. Sociological studies and UN definitions argue that “patriarchal violence is all violence that creates or maintains men’s power and dominance … the enforcement tool that sustains patriarchy”.62636465

If patriarchy is a real power structure, we should expect to see:

  • Men disproportionately committing violence to establish and maintain dominance
  • Women disproportionately targeted for control, especially in contexts related to sexuality, reproduction, and family
  • Consistent patterns across all cultures and jurisdictions, indicating structural rather than individual causes

The evidence overwhelmingly confirms this:

  • Defining Violent Crime and Crimes of Power/Dominance: Violent crimes include: homicide, assault, rape, sexual assault, robbery, kidnapping, and domestic violence—crimes involving the use or threat of force against others.​66
  • Crimes of power/dominance include: violent crimes committed to establish hierarchical control, assert authority, control resources or people, or subordinate victims. These include sexual violence, intimate partner violence, human trafficking, and gang/territorial violence.​6768

Global Statistics: Male Perpetration of Violent Crime
Homicide (Murder):6669

  • 90-95% of all homicide suspects globally are male, based on data from 193 countries.​
  • 80% of all homicide victims are male—but this reflects male-on-male violence to establish dominance and status in public contexts.​
  • However, 82% of intimate partner/family homicide victims are female, while only 18% are male. Women are killed by intimate partners; men are killed by other men in public/gang violence.​70
  • In the US, recent data shows 51% of child maltreatment perpetrators are women, and 49% are men, largely because mothers are overwhelmingly primary caregivers. However, when looking at severe violence (serious physical and sexual abuse), men are overrepresented as perpetrators.7172
  • Male non-parents (stepfathers, adoptive fathers, boyfriends, unrelated men) are much more likely to maltreat girls as compared to women perpetrators. Additionally, male offenders acting alone are more likely to target girls than boys.71

Rape and Sexual Violence:

  • 99% of rapists worldwide are male.​7273
  • 91% of rape victims are female.​72
  • The WHO confirms: “Intimate partner and sexual violence are mostly perpetrated by men against women” across 161 countries.​74
  • Victims span all identities—men, women, children, trans people—but the perpetrators are overwhelmingly male regardless of victim identity.​727576
  • Globally, about 90% of sexual abuse against children is perpetrated by men or male adolescents, and only around 10% by women or female adolescents. This pattern holds across institutional, intrafamilial, and online environments.7778
  • Key government reports in places like Australia found that 93.9% of institutional child sexual abuse was perpetrated by adult men.78
  • Both male and female perpetrators victimize boys and girls, but men are more likely to target girls, while women (in rare cases) are more likely to target boys.77
  • Studies consistently show that even when accounting for underreporting of female perpetrators, the vast majority of detected offenders are male.77

Human Trafficking:7879

  • 70-75% of all convicted human traffickers worldwide are men.​
  • 61% of detected trafficking victims globally are women and girls (39% women, 22% girls).​
  • For sexual exploitation specifically: 98% of trafficking victims are women and girls.​81

Sex Work and Commercial Sexual Exploitation:8283

  • 85-95% of customers/buyers of sex workers and trafficking victims are men.​
  • In regions where sex work is criminalized, men comprise the overwhelming majority of buyers.​
  • 80-90% of prostitutes/sex workers globally are female, with an average starting age of 14.​84
  • Approximately 99% of forced prostitution or sex trafficking victims are female.81

These patterns demonstrate that:

  • Men systematically use violence to establish and maintain dominance—over other men (public violence, gang violence) and over women (intimate partner violence, sexual violence, trafficking).​
  • Women are disproportionately targeted for violence in contexts of control—especially sexual and reproductive control.​
  • The pattern is global and consistent, appearing across all 193 countries measured, all cultures, and all legal systems.​

This is not about “men being bad by nature”—it’s about a structural system that allocates to men the role of using force to maintain hierarchies, and positions women as targets of control, particularly regarding sexuality and reproduction.​ Violence is not peripheral to patriarchy—it is the enforcement mechanism through which male dominance is maintained.

And now onto the backbone that sustains the pay and inheritance disparity, and feeds male violence: girls’ and women’s unpaid labour, or the systematic extraction of unpaid labour from women, which subsidizes the entire economic system while keeping women economically dependent and disadvantaged.

  • Globally, women spend 2.8 more hours per day than men on unpaid care and domestic work.​86
  • By age 29, women do over 3 times more unpaid care work than men: women spend 5.3 hours more per day on unpaid care work in Ethiopia and India, and 4.5 hours more per day in Peru.​87
  • Girls aged 17-18 spend an average of 5 hours and 15 minutes per day on unpaid care work—more than double the time spent on homework, and nearly 1 hour more than adult women globally.​88
  • When combining paid work + unpaid care work, women do more total work than men in every country measured.​87

Labour Force Exclusion:89

  • 708 million women worldwide are outside the labour force because of unpaid care responsibilities, compared to only 40 million men.​
  • 45% of all women outside the labour force cite care responsibilities as the reason, compared to only 5% of men.​
  • This means unpaid care work prevents nearly three-quarters of a billion women from participating in paid employment.​

If valued at minimum wage rates, women’s unpaid care work would contribute trillions of dollars annually to the global economy—work that is currently invisible in GDP calculations.​8789

The gendered division of unpaid labour is not a natural outcome of preferences—it is a systematic pattern that:

  • Concentrates wealth in male hands: Men’s work is paid; women’s work is unpaid. This directly creates and maintains the gender wealth gap.​9089
  • Restricts women’s economic independence: 708 million women cannot participate in the paid labour force because they’re doing unpaid care work, making them economically dependent.​89
  • Benefits men as a class: Men’s participation in the paid labour force is subsidized by women’s unpaid labour at home (cooking, cleaning, childcare, eldercare).​8788
  • Is enforced through social norms and lack of alternatives: Women don’t “choose” to do 5.3 more hours of unpaid work per day—structural factors (lack of affordable childcare, social expectations, lack of parental leave for men) enforce this division.​8788
  • Research consistently shows that mothers earn lower hourly wages than women without children. Nationally in the United States, employed mothers are paid just 62.5 cents per dollar paid to fathers. Mothers who work full-time year-round earn 71.4 cents per dollar compared to fathers. The motherhood penalty is responsible for nearly 80 percent of the gender pay gap, and each child under five years old is projected to reduce the earnings of a typical mother by 15 percent.91 (of course, for this society will have to first acknowledge that pregnancy and delivery is labour, parenthood is labour and of this latter form most of the labour is performed by mothers, not fathers).

Crucially, this pattern is consistent across cultures, religions, and economic systems, appearing in rich and poor countries, capitalist and socialist economies, individualist and collectivist cultures. This universality indicates a structural system, not individual choice.​

Therefore, if patriarchy is defined as a social structure that perpetuates the dominance of one gender (men) over all others, and if we accept that:

  1. Money is power, and
  2. Power is maintained through violence and the threat of violence, and
  3. Power is born and sustained through the extraction of unpaid labour.

Then the evidence is irrefutable:

  1. We live in a patriarchy because:
    Economic Power Is Concentrated in Male Hands.
  2. This Power Is Protected Through Violence.
  3. This power is sustained through systematically devalued and unpaid work done primarily by women, and women do more total work (paid + unpaid) than men in every country measured​

These are documented facts from UN agencies, World Bank, WHO, UNODC, and national legal codes—not interpretations or opinions. The patterns are consistent across all 193 countries, all cultures, all legal systems, and all economic levels, from the richest to the poorest.

Empirical Support for Universal Male Benefit
Now back to my scale.

The proposition that all men benefit from patriarchy, regardless of their position on the Finrod-Eöl scale, finds support across feminist scholarship. Studies examining men’s attitudes toward gender equality reveal that men often recognize these benefits. One analysis notes that even men who intellectually support feminism may resist it because “men as a group are removed from their privileged position” under more egalitarian systems, which “does appear to be a net decrease” in their advantages. The research also demonstrates that patriarchy benefits men “more than it harms them,” creating rational incentives for men across the spectrum to maintain the system even when it also imposes costs.92 The idea is that masculinity as a whole conspires and works to maintain its empire.

We’re all caterpillars
Now here comes my second theory: all of us live in a cocoon of patriarchy- some of us more sheltered than others, men definitely more advantaged than women, but all of us inside the same social chrysalis.

No one is free.

In her 1993 book The Robber Bride, Margaret Atwood says “You are a woman with a man inside watching a woman. You are your own voyeur”. But I’d like to extend this and say, not even men are free from the male gaze: a Reddit discussion93(I’m using Reddit as proof of culture, not as an academic source) on whether men internalise the male gaze notes that “the idealized gym physique often appeals to men more than to women. The tough, muscular archetype they idolise tends to be more attractive to their male peers”. This observation is supported by research showing that men experience body-objectification, body shame, and self-surveillance when their physical appearance fails to fit unrealistic body ideals.94

Men must constantly perform strength, emotional suppression, aggression, competitiveness, and other qualities appreciated by other men, not women, to maintain their position within masculine hierarchies and justify their own masculinity to other men, including, maybe, their own internalised male gaze that tells them what is or isn’t masculine. Even men who occupy the “Finrod” position on the scale remain trapped within these structures, performing “good masculinity” in ways that are still legible within patriarchal frameworks.

The panopticism is real.

Our circus and our monkeys
If we accept that the male gaze entraps everyone—women internalising surveillance from imagined male audiences, men performing for the approval of other men—then we must confront an uncomfortable truth: all of us are living in different layers of patriarchal cocoons. These cocoons are not uniform; they vary by gender, race, class, sexuality, ability, and other intersecting identities. As intersectional feminist theory teaches us, oppression is not “a one-size-fits-all scheme”. Different groups experience oppression differently, and these experiences are compounded by the “interlocking oppressions” of multiple systems of domination: women exist within patriarchal cocoons that constrain their movement, economic participation, self-perception, and bodily autonomy, and men exist within patriarchal cocoons that demand constant performance of masculinity, suppression of vulnerability, and adherence to hierarchical dominance structures. The cocoon that constrains men may offer more privileges and freedoms than those constraining women, but it is a cocoon nonetheless.

These cocoons are further layered by other axes of identity. Dalit women in India face oppression “differently” than upper-caste women, fighting not only sexism but “casteism and fetishisation of minorities”. Muslim women navigate “sexism in their community and outside the community, objectification of their Muslim identity”. Black women in the United States experience discrimination at “the intersection of two aspects of their identity; their race and their gender,” creating “a unique lived experience” that cannot be reduced to the simple addition of racism and sexism. LGBTQ+ individuals face subordination within masculine hierarchies that privilege heterosexuality.​

Similarly, a wealthy white “Finrod” benefits far more from the patriarchal dividend than a poor Black “Finrod”, a Dalit man may be subordinated within caste hierarchy but still benefits from patriarchy within his community, and gay men face subordination within traditional heteronormative masculinity hierarchies but may still receive economic benefits if they’re white and middle-class, and certainly they will receive more “blind” privilege (that is, privilege for just being men when those they are interacting with are unaware of their sexual orientation) than women of the same or lower socio-economic classes, and sometimes even in comparison to women of comparatively higher SECs.

All this just means that privilege and disadvantages exist in complex webs of identity: A heterosexual upper-caste man may benefit enormously from patriarchy and caste hierarchy while still being constrained by the demands of his own internalised male gaze. A white feminist woman may fight gender oppression while benefiting from racial privilege that shields her from experiences faced by women of colour. “Privilege and oppression can exist at the same time”, creating what scholars call “intersectional” or “multiply marginalised” positions.

This also means that acknowledging the existence, protection and oppression of this patriarchal cocoon is the first step to liberation: after all, only those who recognise their own entrapment can free themselves of it. The cocoon cannot be pierced unless people can acknowledge it exists at all.

Madonnas and non-madonnas
The Madonna-Whore complex, first formally described by Sigmund Freud (though present in cultural thinking long before), describes a psychological splitting in which women are categorised into two mutually exclusive categories: the Madonna (pure, nurturing, asexual, maternal) and the Whore (sexual, promiscuous, degraded, dangerous). There is no middle ground. A woman cannot be both nurturing and sexual, both respectable and sexually expressive, both Madonna and autonomous agent. She is one or the other, and the split serves patriarchal interests.

So how do these fictional women compare with our fictional men? Well they don’t because first of all there is no scale, and my theory posits a scale. Secondly, and importantly, according to patriarchy women are either inherently Madonnas or Prostitutes, and are characterised so by men themselves based on how men feel about them (ever seen men turn on women they are pursuing and call them either unattractive or whores or both when those women reject sexual advances by these men?) The Finrod-Eöl scale is about male behaviour, not their inherent worth has humans, not their beauty, nor even their availability to female fantasies.

Patriarchy insists on creating splits- you as a person fit either one description, or it’s opposite- a forced bifurcation into nonexistent extremes. The Madonna-Whore split tells women: “You can be respected or sexual, but not both. Choose.” This constrains women’s freedom and keeps them divided (respectable women blame “sluts,” and vice versa). But the Finrod-Eöl scale says you can choose to behave in any way you like, and that behaviour will fall on a spectrum- but still be constrained within the patriarchy unless you work to dismantle it.

Sources (I’ve duplicated one somewhere, cannot find which one, apologies)

  1. Patriarchy – Gender Transformative Education Glossary (UNGEI)
  2. Lightening the Load: New Evidence on the Impacts of Unpaid Care Work on Women and Girls (Young Lives Policy Brief)
  3. Gender-Specific Wage Structure and the Gender Wage Gap in the U.S. Labor Market (PMC)
  4. The Evolution of Women’s Financial Rights Over the Ages (Portfolio Adviser)
  5. 11 Times Women Got the Short End of the Stick in History (Time Magazine)
  6. Section 15 of the Hindu Succession Act Discriminates Against Hindu Women (SC Observer)
  7. Hindu Inheritance and Property Rights (Pink Legal)
  8. Male Perpetrators of Child Maltreatment: Findings from NCANDS (HHS)
  9. Sexual Violence Statistics (Humboldt University)
  10. Unpaid Care Work Prevents 708 Million Women from Participating in the Labour Market (UN DESA)
  11. Complicit Masculinity: Definition & Example (Study.com)
  12. Hegemonic Masculinity Research (Sobider)
  13. Women’s Land and Property Rights (FAO)
  14. Poverty is Not Gender Neutral (SDG Action)
  15. Inheritance Right of Women Under Islamic Law of Succession (Law Bhoomi)
  16. Muslim Inheritance Law & Estate Planning in India (GetYellow)
  17. Patriarchal Violence: An Attack on Human Security (Racism.org)
  18. Dissertation on Gender and Violence (CUNY Academic Works)
  19. Racial Justice and Gender Violence Fact Sheet (Rights4Girls)
  20. What Is the Male Gaze? (Verywell Mind)
  21. Violence Against Women Fact Sheet (WHO)
  22. Who Perpetrates Child Sexual Abuse? (Australian Child Safety)
  23. The Enduring Grip of the Gender Pay Gap (Pew Research)
  24. Patriarchy: Definition and Overview (Anthroholic)
  25. Women’s Rights to Own Property Through History (Habito)
  26. 11 Times Women Got the Short End of the Stick (Time Magazine)
  27. Criticism of Female Intestate Succession Under Hindu Succession Act (SC Online)
  28. Gender Wealth Gap Research (Oxford Academic)
  29. Forecasting Time Spent in Unpaid Care and Domestic Work (UN Women)
  30. Forecasting Time Spent in Unpaid Care and Domestic Work (UN Women)
  31. Intimate Partner Violence and Health Outcomes (PMC)
  32. Child Victims of Violence Statistics (OJJDP)
  33. Good Men and the Dichotomy Between Toxic Masculinity and Masculinity (Race Baitr)
  34. Protector Masculinity Research (SAGE Journals)
  35. Women’s Land and Property Rights (FAO)
  36. Gender Poverty Gap (World Bank)
  37. Islamic Law Study Materials (IILS India)
  38. Early Life Stress and Violence (PMC)
  39. Girls Spend 5 Hours a Day on Unpaid Care Work (Plan International)
  40. Muslim Law of Inheritance (iPleaders)
  41. Early Inheritances Widen the Gender Wealth Gap (IZA Newsroom)
  42. Gender-Based Violence Statistics (NCBI Bookshelf)
  43. Sexual Violence Statistics (Humboldt University)
  44. Who Perpetrates Child Sexual Abuse? (Australian Child Safety)
  45. Patriarchal Violence and Law (Law Society of Saskatchewan)
  46. 60 Facts About the Gender Wealth Gap (Wealth Inequality Network)
  47. 11 Times Women Got the Short End of the Stick (Time Magazine)
  48. Unpaid Care Work Prevents Women from Labour Market Participation (UN DESA)
  49. Unpaid Care Work Research (Young Lives)
  50. Sons and Daughters Inheritance Patterns (Our World in Data)
  51. Women’s Right to Succession and Inheritance Under Muslim, Christian, Jews and Parsi Law (Delhi University)
  52. Hindu Succession Act for Female Intestates (LiveLaw)
  53. Gender-Related Killing of Women and Girls (UNODC 2018)
  54. Male Perpetrators of Child Maltreatment (HHS)
  55. The Patriarchal Dividend (ERIC)
  56. Masculinity and Caregiving (Wisconsin Law Journal)
  57. When Could Women Have a Bank Account? A Short History (Spiral)
  58. Unpaid Care Work Impact on Women (Young Lives)
  59. Just 15% of World’s Richest People Are Women (Startups Magazine)
  60. Countries That Restrict Women from Working (Global Citizen)
  61. Widow’s Share in Her Husband’s Property Under Muslim Law (LawRato)
  62. Patriarchal Violence: An Attack on Human Security (Swedish Government)
  63. Who Are the Perpetrators of Sexual Abuse? (German Federal Government)
  64. Sex Worker Statistics (IUSW)
  65. Sex Trafficking and Sexual Violence (PMC)
  66. Hegemonic Masculinity (EBSCO)
  67. State Monopoly on Violence (Britannica)
  68. Men and Boys: Hidden Victims of Sexual Violence (Peace Palace Library)
  69. The $100 Trillion Gender Wealth Gap (Oxfam)
  70. Conflict-Related Sexual Violence: Patriarchy’s Bugle Call (Georgetown Law)
  71. Voices of Independence: Women’s Economic Power (Smithsonian)
  72. Do Inheritance Law Reforms Work for Women? (Resource Equity)
  73. Devolution of Self-Acquired Property of an Intestate Hindu Female (AMS Shardul)
  74. Sexual Violence Statistics (Humboldt University)
  75. Unpaid Care Work and Labour Market Participation (UN DESA)
  76. Unpaid Care Work and Labour Market Participation (UN DESA)
  77. Do Women Have an Unfair Share in Inheritance? (Alislam)
  78. Global Study on Homicide 2023 (UNODC)
  79. The Patriarchal Dividend at War (The Disorder of Things)
  80. The Benefits and Costs of Being Male (Howard CC Pressbooks)
  81. Women Own Less Than 20% of the World’s Land (World Economic Forum)
  82. World’s Billionaires Have More Wealth Than 4.6 Billion People (Oxfam)
  83. Women’s Right to Property Under Muslim Law (FreeLaw.in)
  84. Reproductive Coercion and Domestic Violence (Buffalo Law Review)
  85. Global Report on Trafficking in Persons 2024 (UNODC)
  86. Global Prostitution Statistics (Zipdo)
  87. Hegemonic Masculinity: Formulation, Reformulation, and Amplification (SAGE Journals)
  88. Countries That Restrict Women from Working (Global Citizen)
  89. Physical Dating Violence Among Sexual Minority Youth (PubMed)
  90. Child Sexual Abuse: Medical Diagnosis and Management (NCBI Bookshelf)
  91. Who Are the Perpetrators of Sexual Abuse? (German Federal Government)
  92. Why Patriarchy Hurts Men Too (NextGen Men)
  93. Men, Gender Equity & Creating Better Workplaces (Shape Talent)

The numbers we know – II

For every 19th November, a 2nd November.

The numbers we know

Tomorrow, jersey numbers 10 and 18 will represent India in a World Cup final once again.

Somewhere, a mud-stained India Blue jersey number 5 might be folded carefully away— hopefully never to be washed.

Once again, we’ll be led by jersey number 7.

And the date is the 2nd.

Destiny awaits.

A tiny primer on principles of finance

While finance is a vast and multifaceted industry, there are certain principles that underpin every decision or transaction made by it. This post is an explanation of these principles.

Time Value of Money (TVM)123
This principle says that money available earlier is worth more than an identical sum available at a later time; so money in the past was worth more than the same amount today, and any amount today is worth more than the same amount at a later date.

The reason this happens is threefold:
1. Interest:45 money available at an earlier date can be invested to earn an interest that increases that total quantity of money available at the later date. Interest is a fee paid to any entity (such as an individual, a group, or an organisation) when that entity allows another entity to use its money. For example, if a person deposits their salary in a savings account, the bank pays them interest for keeping the money and making it available for use by the bank. Conversely, if an organisation gives another organisation a loan, the borrower pays the lender interest as a fee for being able to access and use those funds.

2. Compounding:67 in finance, interest is of two types- simple interest and compound interest. If money is invested so that it earns simple interest, it will earn interest on the original sum that is invested, and only on that amount. Let’s say an individual invests INR 1,000 for 5 years at a simple interest of 10% per annum, they will get an interest amount of INR 100 per annum for 5 years if they do not withdraw any of the original money they deposited (the INR 1,000 which is called the “Principal” in finance). Therefore at the end of their investment period, they will receive INR 1,000 + INR 100 + INR 100 + INR 100 + INR 100 + INR 100 = INR 1,500.

Compound interest pays a higher rate of interest, because as long as the interest amount earned at the end of the first year was not withdrawn, that INR 100 of interest would also earn an interest (unlike SI which only pays interest on the principal amount of INR 1,000). So, if the individual who invested the INR 1,000 had invested at a rate of 10% compound interest annually, at the end of Year 1, they would receive the same amount as with SI- INR 100, but at the end of Year 2, they would receive 10% interest on INR 1,000 + 10% interest on the INR 100 interest amount that was added to the investment at the end of Year 1. Therefore at the end of Year 2, they would have a total amount of INR 1,000 + INR 100 + INR 100 + INR 10 in their account.

Here’s a table to help explain this better:

YearSimple Interest: Year-end Total (INR)7Compound Interest: Year-end Total (INR)6
11,100 (Principal 1,000 + Interest: 10% × 1,000 = 100)1,100 (Principal 1,000 + 10% of 1,000 = 100)
21,200 (Last year total 1,100 + Next 100 interest)1,210 (Last year total 1,100 × 10% = 110; 1,100 + 110)
31,300 (Last year total 1,200 + Next 100 interest)1,331 (Last year total 1,210 × 10% = 121; 1,210 + 121)
41,400 (Last year total 1,300 + Next 100 interest)1,464.10 (Last year total 1,331 × 10% = 133.10; 1,331 + 133.10)
51,500 (Last year total 1,400 + Next 100 interest)1,610.51 (Last year total 1,464.10 × 10% = 146.41; 1,464.10 + 146.41)
Tabular explanation of the difference between calculations for simple interest and compound interest

Therefore in SI, each year the interest is always INR 100 (just 10% of 1,000), added without change, but in compound interest, each year new year interest is calculated on a bigger amount (previous year’s total), so the yearly interest keeps growing. Notice the difference- via compounding, the investor would have earned INR 110.51 more after the five year period of investment.

3. Inflation:8 The final reason is something called inflation, which is the rise in the general price levels in the economy (that is, in general, the prices rise or the amount you can buy for a certain amount of money reduces, even if some things remain static in price or may have even reduced in per unit price), which makes it so that the same amount of money will purchase fewer goods and services at a later date, since they have become more expensive in comparison to an earlier date.

Materiality
More here.

Risk
In finance, “risk” means the uncertainty or variability of returns associated with an investment.910

There are multiple types of risk in finance. Some risks affect everything, and they simply cannot be avoided, but others can be minimised.

1. Systematic (or sometimes called systemic) Risk:11 those risks that affect the entire national economy, or in these interconnected times, affect most of the world at the same time. The 2008 subprime financial crisis was an example of one such issue. Imagine somebody, may it never be so, lives in a country that is at war- most sectors in the economy of such a country are likely to be affected by the war. It is unlikely that they could invest in a sector that is not affected at all, not even indirectly. Such risks are simply impossible to minimise. How to know if something is a systemic risk- ask, can the risks be avoided? No? It’s systemic.

2. Unsystematic (unsystemic) Risk:11 those risks that affect only one sector in the entire economy, or an industry, or even one company. Imagine a corruption scandal erupts at a particular company- the risk will be limited to the company, or at most the industry the company belongs to, rather than spread through the entire national economy. Can the risks avoided? Yes, easily.

Understanding risk helps individuals make better decisions. There are several specific types of risk that are explained briefly in the table.

TypeMeaning (Simple Words)Example For Beginners
Market RiskPrices move because of the whole marketStocks fall when economy dips
Credit RiskBorrower may not repay moneyPerson takes a loan and can’t pay it back
Liquidity RiskCan’t sell asset quickly for fair priceYou own a rare toy, but no one wants to buy it today
Operational RiskFailure inside a company (mistake, fraud)Computer glitch at a bank
Inflation RiskMoney loses buying power over timePrices of groceries go up, money buys less
Currency RiskForeign money value changesINR to USD exchange rate changes
Reputational RiskBad publicity affects businessNews breaks that a company did something unethical
Types of risk

Risk and Return Tradeoff1213
Now, in the example in the Time Value of Money section, we knew exactly how much interest would be earned by the investment. However, there are many avenues of investment that do not guarantee any returns, and may even lead to losses.

Generally speaking, the higher the risk any investor takes, the higher their expectations of returns for that risky investment. Think about it- if they could achieve the same returns for a lower amount of perceived or actual risk, then would they not opt for getting the same returns for the lower returns? In this way, each percentage point of higher risk taken must reward the risk taker with greater returns, or they would have no incentive to take the extra risk at all.

This is called also called the Efficient Frontier. It is a graph where the x-axis maps the risk taken, and the y-axis represents the returns for each point of risk taken. Points to keep in mind:
1. For any given level of risk, the aim is to receive the highest possible expected return; and
2. For any given expected return, the aim is to take the lowest possible risk.

Any investment that doesn’t meet these conditions is inefficient: either the investment involves too much risk for the amount of returns they are offering, or too few returns for the amount of risk being taken.

But what is “too much risk”?

Every individual has a particular “Risk Tolerance”, or their personal capacity to withstand losses in case something goes wrong with their investments. Investors must always understand what their personal capability is to stomach losses, and this is also why investments must be risk efficient, so that on the occasion of a loss, that loss is not more than they can tolerate. This is a matter of personal comfort with loss.

Risk tolerance is determined for each individual via multiple factors, such as how soon they need the money invested- those with long investment horizons (let’s say 50 years for example), may invest and easily tolerate shorter term losses since their investment has the time to build back up (this may never happen, but they still have the time to see if it will). Another factor is how much money they have outside of the particular risky investment in question. Those with a large nest egg will naturally feel safe even if the entire amount invested in the riskier investment were to disappear.

Every individual has a different personal relationship with financial risk, which they must understand thoroughly and stay within their own limits.

Diversification14151617
Diversification is the risk management strategy of spreading investments across various assets to reduce exposure to any single investment (an asset is anything that will earn you returns in the future, this post has other such definitions). Diversification is best explained as not putting all your eggs in one basket. By spreading investments across multiple assets classes, geographies, and industries, an investor gains the benefit of never leaving their entire investible corpus or all their savings at the mercy of an unsystematic risk event. If there is an event that affects the entire economy, diversification will not help for any asset classes that are based (fully or partially) in that region, but this too can be diversified against these days- it is now possible to invest in other countries, and this works against the kind of systematic risk that spreads only within the boundaries of a particular nation. In case the risk event has spread across the globe… well, that’s you done for the moment.

Efficient Market Hypothesis18192021
Imagine if an individual wanted to buy a house, and the only thing they know is the area they wish to purchase the house in, and what their own budget is. They find out that in that area, no house sales have taken place at all in the last few years (even though it is a residential area with 100s of houses). How would such a person determine what buying the house in the locality would cost them?

They won’t, because there is no historic price or volume data available at all, and they may withdraw from buying in the area. It is also possible that they decide to pay whatever they are asked for as long as it is within their budget, but there is no way for them to know whether they are receiving the correct value for the money they are being asked to pay, since there is no comparison available.

Now imagine two houses are sold in the same area- let’s say one for INR 30,00,000 and another for INR 35,00,000: so now the buyer has price data and volume data both- two houses, and around INR 30-35,00,000. Are they likely to offer somewhere in the vicinity of these numbers for any house they may wish to buy, or are they likely to offer much less or more than the established price level? In case the buyer chooses to offer less than the established price level, they are unlikely to get any sellers, correct? And why would they offer much more than the established price level?

In a financial market, when the historical price and volume data is known, that market is considered to be at the first level of market efficiency, called Weak Efficiency. It is data without which no fair transactions are possible.

Now, let us say the buyer decides on a few houses they really like, and to find out more about them, they go and ask neighbours about whether those houses are well built, or have any issues. etc. This information is publicly available, and is likely to shape their opinions about the properties in their shopping cart. Let us imagine one of the houses has a well known termite problem- is this new publicly available information likely to change the buyer’s valuation of the product? Then they find out another house in the locality that they have their eyes on has built in parking space for 5 cars- even if they themselves don’t have five cars yourself, are they more likely to look at this house more favourably? Perhaps offer a little more for it in comparison to other houses?

In a financial market, this is the second level of market efficiency. It is called Semi-Strong Efficiency. All publicly available information is known to everyone.

And now back to 1984: Strong form market efficiency, where there is no private information- all information, no matter how seemingly private, is known publicly. Clearly (thankfully), such a world does not exist. In the context of markets, this means that there will always be insiders who will know more than outsiders.

One thing to note here before we move on- since we’re talking about financial markets, the theory is about stock prices.

Information Asymmetry222324
Information asymmetry is the situation where one party in a transaction possesses more or better information than other parties, which leads to outcomes that are optimal only for the party with the good information.

Information problems have significant implications for financial markets. For example, because borrowers know their own financial conditions better than lenders, lenders may not be able to assess the potential borrowers true creditworthiness. Assets may also be priced wrongly due to information asymmetry, again causing inefficiency in the market.

There are several market intermediaries that help lower information asymmetry, such as credit rating agencies that assess an individual or organisation’s creditworthiness so that lenders may have a level playing field; auditors, who provide independent verification of organisation’s financial claims, and even IPO grading agencies (IPO = Initial Public Offering) that independently evaluate a company’s financial credentials when it is issuing shares to help investors make more informed decisions before subscribing to that IPO.

Agency252627
A Principle-Agent relationship is the relationship between the owners, or Principals, and the people who work for them, such as managers, or Agents.

The larger an organisation, the more agents there will be, and the more information asymmetry there will be between the owners and their agents. Add to that the fact that Agents and Principals have very different inherent motivations, and it’s easy to see conflicts of interests arising between these parties.

The Principal-Agent problem can manifest in a number of ways, for example, managers may be more interested in short term profits while shareholders may wish to build their organisation up to ensure long term value; or managers may avoid risky but profitable projects over the worry that if it goes wrong they may lose their job even if the shareholders would prefer to go for the project, etc. Information asymmetry exacerbates these issues, as managers typically know more about what is happening in the company and the decisions being taken than shareholders.

Several mechanisms exist to counter agency problems. Monitoring agent behaviour and decisions through audits and oversight as well as strong corporate governance helps ensure management acts appropriately. Aligning the incentives of the management and the shareholders can be done through compensation packages that include profit-sharing with employees.

Stakeholders2829
All those individuals, or groups of individuals, who are affected by the activities of the company are stakeholders of that company. Stakeholders may be internal or external. The table below has examples:

TypeExampleHow They’re Impacted
InternalEmployeesTheir jobs, pay, and stability depend on the business.
InternalManagementMake decisions and want success for their own reputation and bonuses.
InternalBoard of DirectorsSet the company’s big-picture vision, provide oversight, and uphold good governance.
InternalShareholdersInvested money in the company, want profits and growth.
ExternalCustomersUse the products or services produced by the company, seek quality, safety, and value.
ExternalSuppliersSell goods and supplies, need reliable buyers and prompt payments.
ExternalLendersThe company owes them money.
ExternalDebtorsThey owe money to the company.
ExternalCommunityCare about jobs, environment, local development.
ExternalGovernmentCollect taxes, set regulations, interested in company compliance and economic contribution.

Every stakeholder benefits in some way when the company succeeds, and can be hurt if things go badly. In finance, all decisions were made earlier from the perspective and for the benefits of shareholders only. This is now changing towards more holistic stakeholder management which balances (or attempts to) the shareholders’ requirement for profits while also making sure that other stakeholder’s points of views are incorporated into decision making. This is called Stakeholder Capitalism (as opposed to regular capitalism), and it aims to create long term value for everyone affected by the company rather than just prioritising shareholders.

These are a web of financial concepts that build all financial logic. All higher financial concepts are based on one or an interaction of these concepts. I’ve explained the very basics of these concepts here from my own understanding, but please use all the sources provided through the post as a further reading library.

Sources


  1. Time Value of Money in Finance (CFA Institute)
  2. Time Value of Money: What It Is and How It Works (Investopedia)
  3. Time Value of Money (TVM): A Primer (Harvard Business School Online)
  4. Interest – Definition, History, Determinants, Types (Corporate Finance Institute)
  5. Interest: Definition and Types of Fees for Borrowing Money (Investopedia)
  6. Compound: What It Means, Calculation, Example (Investopedia)
  7. Understanding Simple Interest: Benefits, Formula, and Examples (Investopedia)
  8. What is inflation: The causes and impact (McKinsey & Company)
  9. How to Identify and Control Financial Risk (Investopedia)
  10. Risks in Large Cap Funds: Difference between Systematic and Unsystematic Risks (Bajaj AMC)
  11. What Makes Systematic Risk and Unsystematic Risk Different (Shiksha.com)
  12. Efficient Frontier – Overview, How It Works, Example (Corporate Finance Institute)
  13. Understanding the Efficient Frontier: Maximize Returns, Minimize Risk (Investopedia)
  14. What Is Diversification? Definition As an Investing Strategy (Investopedia)
  15. Guide to Diversification (Fidelity Investments)
  16. The importance of diversification (Vanguard UK)
  17. Beginners’ Guide to Asset Allocation, Diversification, and Rebalancing (Investor.gov, US SEC)
  18. Market Efficiency (CFA Institute)
  19. The Efficient Market Hypothesis and Its Critics (CFA Digest)
  20. Efficient Market Hypothesis (EMH): Definition and Critique (Investopedia)
  21. Forms of Market Efficiency (AnalystPrep CFA Level 1)
  22. Theory of Asymmetric Information Definition & Challenges (Investopedia)
  23. How to Fix the Problem of Asymmetric Information (Investopedia)
  24. Transaction Costs, Asymmetric Information, and the Free-Rider Problem (LibreTexts)
  25. The Principal–Agent Problem in Finance (CFA Institute, PDF)
  26. What Is Agency Theory? (Investopedia)
  27. Agency Theory in Financial Management (Plutus Education)
  28. Stakeholders: Definition, Types, and Examples (Investopedia)
  29. Stakeholders | Finance Definition + Business Examples (Wall Street Prep)

    Materiality

    Information is considered material if its inclusion or exclusion could significantly affect stakeholders’ judgments. In accounting, it is a concept from Generally Accepted Accounting Principles (GAAP) that asks whether omissions or misstatements in financial reporting would influence the economic decisions of users.12 This is often called the Materiality Threshold, or the limen at which financial information becomes significant enough to potentially influence the decisions of users of financial statements, such as investors, stakeholders, or auditors. Both quantitative and qualitative factors are involved in setting and applying these thresholds, and there is substantial professional judgment involved.​3

    Materiality Thresholds23
    Quantitative thresholds provide a numerical basis for determining whether a misstatement or omission is material or not. For example, a company may decide that if an incident affects their gross revenue by 1%, they will inform stakeholders about it. That percentage can be anything that the company decides, for instance, their threshold may be 5% of post tax net profits, or 3% of EBITDA, etc.

    Qualitative thresholds reflect circumstances where the nature or context of an item makes it significant, even if the amount involved is not large, and typical examples include information that may lead to a different rating by analysts if they knew about it, information that will affect whether the organisation has to comply with different regulations (say a small change in numbers that would lead to an Indian company needing to comply with Section 135 of the Companies Act, 2013, which prescribes the quantitative floors for which companies must participate in mandated CSR). Other issues that may be considered are likely to be changes in earnings trends, changes in key ratios, anything that has an impact on the company’s reputation, or any other situation that involves a change in stakeholder risk perception.

    Materiality thresholds ensure financial information is decision-useful for stakeholders. Regulatory frameworks require professional accountants and auditors to apply judgment and not just formulas in deciding what is material. This ensures that both the letter and spirit of decision-useful disclosure is respected for investors and other users

    Another thing to note is that material issues are not static- they change over time with shifts in business models, regulations, stakeholder expectations, or major events.

    Materiality in ESG45
    Materiality in ESG determines which sustainability topics are most relevant not just to financial stakeholders, but to broader stakeholder groups including employees, communities, regulators, and civil society. Unlike accounting, ESG materiality often considers both quantitative metrics (such as emissions, water use, or injured employees per year) and qualitative factors (like reputation, regulatory compliance, or community relationships).

    Double Materiality67
    Double materiality means looking at two types of materiality while making decisions:

    1. Financial Materiality: how ESG issues impact the company’s finances and operations; and
    2. Impact Materiality: the company’s influence on the environment and society, such as its carbon footprint, labor practices, or community impact (even if those impacts do not affect financial performance).

    Materiality assessments allow organisations to understand which matters are important, or material, for their stakeholders.

    How to do a Materiality Assessment89
    Frameworks like SEBI’s BRSR in India or the EU’s CSRD mandate ongoing materiality assessments and transparent disclosures for regulated companies, and they also want to know how the company has determined what is material.101112

    1. Define objectives and scope: why is the assessment being done?
    2. Identify and prioritise stakeholders: list all stakeholders, map how they are affected by the issue or project, and for each, explain how they can influence the company.
    3. List potentially material topics: make a list of all topics that are material for the company and the different stakeholders (whether for financial or ESG materiality assessment).
    4. Stakeholder engagement: understand through discussions, interviews, questionnaires, or any other such participative method what different stakeholders think about the issues at hand.
    5. Materiality matrix: Score and rank topics by their importance to stakeholders (vertical axis) and their impact on the business (horizontal axis). The most important issues will naturally find themselves at the top right of the matrix, and the visual display will help prioritise the critical issues. At this point, it is important to understand whether the issue is time critical or issue critical, or both. Once you do have a handle on this, you can act on the most crucial matters.
    6. Review: Review your findings, make any corrections as required- for example, perhaps there is a vocal stakeholder who is not as important in the scheme of things for your company, but a quiet one who is very important, so adjust your findings accordingly.
    7. Act: Now you have your reporting priorities sorted, so go ahead and report. Make sure to review your materiality matrix annually, or whenever anything out of the ordinary occurs (if it requires an EGM, it also requires a review of your matrix).

    Here’s an example of materiality matrix:

    Materiality matrix of a hospital group:

    TopicStakeholder InterestBusiness ImpactExample/Notes
    Patient Safety and QualityVery HighVery HighReduction of harm, regulatory compliance, central to brand trust
    Data Security & Patient PrivacyVery HighHighDigital records, ransomware risk, GDPR/HIPAA provokes stakeholder concern
    Affordability & Access to CareHighHighPress, patient, regulator & government pressure for inclusive access
    Staff Wellbeing & RetentionHighHighBurnout, turnover, COVID-19 impact, unionization risk
    Infection PreventionHighHighCOVID-19, MRSA, and other healthcare-associated infections
    GHG Emissions/Energy UseMediumHighHospital operations, energy/waste, regulatory/PR risk
    Responsible ProcurementMediumMediumEthical sourcing of drugs, equipment; supply chain resilience
    Community Health InitiativesHighMediumVaccination, awareness programs raise reputation, stakeholder goodwill
    Diversity, Equity & InclusionMedium-HighMediumWorkforce diversity, bias reduction, EEO/anti-discrimination focus
    Medical Research EthicsMediumMediumConsent, transparency, clinical trial reputation
    Water Use & Waste ManagementMediumMediumMedical waste, recycling, water conservation efforts
    Hospital group materiality matrix

    Pitfalls
    While doing the above, make sure to avoid the most common pitfalls, which are:

    1. Not involving external stakeholders (relying only on internal voices leads to bias).​
    2. Poor documentation or lack of transparency in why and how topics were prioritised.​
    3. Treating materiality as a one-off exercise instead of reviewing it annually or when major events occur.​
    4. Not linking materiality to company strategy; using it only for reporting/compliance, not real decision-making.​

    Embedding materiality into an organisation’s core functions protects it from Financial and ESG related risks (I just call them FESG in my head nowadays), and using materiality-informed strategy will lead to better-than-competition, more resilient long term performance, as well as improved reputation: materiality is the bedrock of value creation and risk avoidance. This is why organisations should pay attention to it.

    Sources

    1. What Is Materiality in Accounting? | HBS Online
    2. Materiality in Finance | Business Literacy Institute
    3. Materiality in Accounting | Trullion
    4. What is ESG Materiality? | Lisam Systems
    5. What Does ESG Materiality Mean? | Corporate Governance Institute
    6. Double Materiality in ESG & Sustainability Explained | Quentic
    7. Unpacking the Double Materiality Assessment Under CSRD | Deloitte
    8. A Guide to ESG Materiality Assessments | Wellington Management
    9. Materiality Assessment: Definition, Guidelines, and Examples | WifOR
    10. Sustainability Reporting in India under SEBI’s BRSR Framework: A Primer | IRIS Carbon
    11. Linking the GRI Standards and the SEBI BRSR Framework | GRI
    12. BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING by Listed Entities | SEBI

    A probability analysis of India’s men’s cricket coin toss losses – II UPDATED 25/10/2025

    NB: This post is now updated to include the 18th consecutive toss loss.

    It’s come to my attention that we have lost the last 17 18 coin tosses in One Day International matches for men’s cricket,1 so here’s a continuation of our unfortunate probabilities.

    Here’s a more detailed explanation of probability and our toss-losing powers. This post is a continuation of the linked post, so please read that first. However for the lazy buggers who won’t:

    1. Every coin toss is considered an independent event- the outcome of one fair coin toss will not have any impact on the outcomes of any other fair coin tosses.
    2. The probability of two independent events happening at the same time is the product or multiplication of the probabilities of the two events in question. This is called “joint probability”, so If event A has probability P(A) and event B has probability P(B), and their outcomes do not affect each other, the probability that both occur is P(A) × P(B).
    #DateOpponentVenueCaptainToss Result
    1Nov 19, 2023AustraliaAhmedabadRohit SharmaLost
    2Dec 17, 2023South AfricaCenturionKL RahulLost
    3Dec 19, 2023South AfricaGqeberhaKL RahulLost
    4Dec 21, 2023South AfricaPaarlKL RahulLost
    5Feb 6, 2024EnglandHyderabadRohit SharmaLost
    6Feb 9, 2024EnglandVisakhapatnamRohit SharmaLost
    7Feb 12, 2024EnglandRajkotRohit SharmaLost
    8Aug 10, 2024Sri LankaColomboRohit SharmaLost
    9Aug 12, 2024Sri LankaPallekeleRohit SharmaLost
    10Aug 15, 2024Sri LankaDambullaRohit SharmaLost
    11Feb 20, 2025BangladeshDubaiRohit SharmaLost
    12Feb 23, 2025PakistanDubaiRohit SharmaLost
    13Mar 2, 2025New ZealandDubaiRohit SharmaLost
    14Mar 4, 2025AustraliaDubaiRohit SharmaLost
    15Mar 9, 2025New ZealandDubaiRohit SharmaLost
    16Oct 19, 2025AustraliaPerthShubman GillLost
    17Oct 23, 2025AustraliaAdelaideShubman GillLost
    18Oct 25, 2025AustraliaSidneyShubman GillLost
    India’s 17 18 consecutive ODI coin toss losses in men’s international cricket

    You’ll notice that once again the tosses have been lost across tournaments, three different captains, and multiple venues (home and away), and the calling captains choosing heads or tails at random and India still losing every time.

    Now, at first I thought that the all format streak of losing 16 consecutive tosses and this ODI streak of losing 17 consecutive tosses were just one series of unfortunate events, but now I want to understand what the probability is of these being considered separate streaks and both “events” still occurring.

    So here are the two overlapping streaks:

    1. The ODI-specific streak (Nov 2023–Oct 2025): 17 18 consecutive ODI toss losses.
      Probability = (1/2)^17 = 1/131,072 ≈ 0.00076% (1/2)18 = 1/262,144 ≈ 0.000381%; and​
    2. The all-format streak (Jan–Oct 2025): 16 consecutive toss losses across formats. Probability = (1/2)16 = 1/65,536 ≈ 0.0015%.

    And the probability that these two have coexisted is just the multiplication of the two independent streaks, which is P = (1/131072) × (1/262,144) = 1/8589934592, or about 1/8,600,000,000, which is one in 8.6 billion 1/17179869184, or about 1/17,000,000,000, which is one in 17 billion.

    As of mid-2025, the world population was estimated to be around 8.2 billion.2 So if in the middle of this year, if every single person had tossed a fair coin TWICE, there is a possibility that these two streaks would still not have overlapped. It’s an astronomical rarity, so of course we’re on the wrong side of it, *depressed emoji*.

    In probability theory, there is a concept of waiting time. Waiting time in streak probability asks how long before you see the streak in question happen? So here it will ask, “How many tosses, on average, until you first see a streak of n consecutive heads (or losses, or wins)?” For a fair coin, the expected number of tosses (waiting time) to see an uninterrupted streak of length n is approximately: En = 2(n+1) – 2.3

    In the formula, “n” is the length of the streak.

    For a streak of 6 coin toss losses, we will have to wait for

    E6 = 2(6+1) – 2

    E6 = 27 – 2

    E6 = 2 × 2 × 2 × 2 × 2 × 2 × 2 – 2

    E6 = 128 – 2 = 126 coin tosses.

    • So, for our first streak of 16 consecutive coin toss losses, the world waited with bated breath for 217 – 2 = 131,070 fair tosses;
    • For the ODI 17 18 coin toss loss streak, we waited for 218 − 2 = 262,142 219 -2 = 524,286 fair tosses; and
    • For both to happen together, we waited 131,070 × 262,142 524,286 fair tosses, or 68,718,166,020, or more than 34 68.7 billion fair coin tosses- A NUMBER SO WILD (okay, calm down, calm down) even cricket fans don’t expect it.

    What the hell, my guys?

    NB: I just realised that the most widely accepted scientific estimate for the age of the known universe is about 13.8 billion years,4 so the chances of these two streaks happening at all, let alone together, actually involves numbers several times greater than the entire age of the universe in years. Personal suggestion to Shubman Gill- havan karwale bhai.

    Sources

    1. A 1 in 130,000 chance: India extend world record ODI toss losing streak to 17 matches
    2. World Population Day: trends and demographic changes
    3. How many coin flips on average does it take to get n consecutive heads?
    4. How old is the universe?

    Bedfellows with the Taliban: cricket beds down with terrorists

    One day, a young Talib beat Laila with a radio antenna. When he was done, he gave a final whack to the back of her neck and said, “I see you again, I’ll beat you until your mother’s milk leaks out of your bones.” – A passage from the novel A Thousand Splendid Suns by Khaled Hosseini, which describes the lives of two fictional Afghan women.1

    While the above quote is said to a fictional woman in a novel, the reality is that in just the past 12 months, Afghanistan’s Taliban government has:
    1. Codified 35 restrictive articles banning women’s voices in public, requiring full Arabic-style hijab, and prohibiting depiction of humans or animals in media. Women may not travel, study, or appear in public spaces without a male guardian (mahram).​2
    2. Mandated that women adopt “Arabic hijab style” within five days, with imprisonment for violators. Families are held responsible for non-compliance.3
    3. Prohibited women from entering three district parks, extending the preexisting national ban.3
    4. Criminalised women speaking or singing audibly in public, across broadcast and real-life settings.4
    5. Prohibited women from afternoon medical visits without male accompaniment, severely restricting access to care in provinces like Badakhshan.5
    6. Authorised arrests of women and men for “moral corruption”; 38 arrests reported in nine provinces.6
    7. Expelled all female medical students from health training colleges nationwide.7
    8. Prohibited shopkeepers from talking to female customers in Takhar and Nangarhar provinces to “protect modesty”.8
    9. Ordered women to block home windows to avoid being seen by neighbors.9
    10. Blocked Hazara-led religious ceremonies in Bamyan and Daykundi Provinces ahead of Ashura.10
    11. Facilitated dispossession of Hazara farmlands for Kuchi nomads under “historic restitution” justifications; over 25,000 displaced in 2024–25.11
    12. Diverted international rations away from Hazara-majority central highlands to Pashtun-controlled areas.11
    13. Marginalised Shia observances by defining “permissible Islamic behavior” under Sunni Hanafi doctrines.12

    In all, in the past few months, Afghanistan’s Taliban government has entrenched a dual system of apartheid– gender and sectarian- now recognised by experts as constituting crimes against humanity and genocide risk indicators according to the UN and Human Rights Watch.​

    And yet, cricket remains nearly entirely silent.

    ICC’s policy on political intervention in cricket
    The International Cricket Council (ICC) is cricket’s international governing body. It claims to uphold the autonomy of cricket via its official policy, which prohibits political appointments and undue government interference in the administration of national cricket boards, favouring free elections and board independence,13 and they can suspend a country’s membership for government meddling, with bans or warnings applied until compliance is restored.14

    Here are some recent examples of this policy in action:

    • Zimbabwe (2019): The ICC suspended Zimbabwe Cricket for failing to ensure no government interference in its cricket administration, barring their teams from ICC events until the suspension was lifted.15
    • Sri Lanka (2024): Sri Lanka Cricket was suspended by the ICC due to evidence of government interference, including the sacking of board officials and attempts at regulatory control.16 

    The South Africa Precedent
    One does wonder what the difference is between apartheid South Africa, and present-day Afghanistan in ICC’s eyes. ​

    In 1970, the ICC banned South Africa from international cricket due to racial apartheid policies that prevented non-white players from representing the national team and subjected touring players of color to discriminatory treatment.1718 This ban remained in effect for 21 years, until Nelson Mandela’s release and the dismantling of apartheid in 1991.1718

    The ICC maintained the ban despite South Africa’s 1976 attempt to desegregate cricket through the formation of a non-racial governing body, the South African Cricket Union.1718 Only after apartheid’s complete dismantling and at the personal request of Nelson Mandela was South Africa readmitted to the ICC and Test cricket in 1991.17

    Here’s a comparison of the actions of the Taliban government in Afghanistan with those of some other comparable governments:

    CategoryTaliban Afghanistan (2024–2025)Apartheid South Africa (1948–1991)Nazi Germany (1933–1945)Myanmar Junta vs Rohingya (2016–Present)
    Basis of OppressionGender, ethnicity, and religion (women, Hazaras, Shia, Tajiks)Race and ethnicity (Black Africans, Coloureds, Indians)Race and religion (Jews, Roma, disabled)1819Ethnicity and religion (Rohingya Muslims)2326
    Right to EducationTotal ban on women and girls attending secondary and tertiary institutionsSegregated and inferior “Bantu Education Act” (1953)Jews banned from universities (1933–1938)2021Rohingya schools closed or destroyed2728
    Employment RestrictionsWomen banned from most occupations; Hazara excluded from government postsNon‑whites restricted to menial labourJews removed from public service (1933)21Rohingya barred from public sector roles2930
    Freedom of MovementWomen require male guardian; Hazaras displaced from ancestral landsPass laws required for Black movement across provincesJews prohibited from using public transport (1941)2223Rohingya confined to internment camps3132
    Legal SystemShia and women excluded; Taliban enforces Hanafi systemSeparate, racially biased courts; no franchise for non‑whitesNuremberg Laws stripped Jews of citizenship (1935)24No legal recourse for Rohingya abuses3334
    Violence and AtrocitiesTargeted killings, sexual violence, execution of Hazara protestorsPolice brutality, executions, detentionsHolocaust: extermination camps, 6 million Jews killed242017–present killings, over 700,000 displaced3536
    Cultural ErasureDestruction of Hazara monuments; ban on female voices and presenceSuppression of African culture and languagesBook burnings, bans on Jewish culture25Destruction of mosques and Rohingya villages3738
    International ResponseLimited sanctions, ICC charges for gender persecutionUN boycott and sports sanctions, 1970–1991Nuremberg Trials post‑WWII20ICC genocide probe, UN sanctions on Myanmar3940
    ClassificationGender apartheid & ethnic persecutionRacial apartheidGenocide [UN 1948]19Genocide [UN Fact‑Finding Mission 2018]3941
    Apparently not an apartheid according to the powers that be in Cricket

    Negotiating with terrorists
    It’s evident that the ICC believes in being gentle with cricket’s resident terrorists. In April 2025, the ICC confirmed it would not cut funding to the Afghanistan Cricket Board and would instead “pursue dialogue and constructive engagement”.42 An ICC spokesperson told Sky News: “We are committed to leveraging our influence constructively to support the Afghanistan Cricket Board in fostering cricket development and ensuring playing opportunities for both men and women in Afghanistan”.43

    Naturally, this approach has yielded no progress.

    The India Connection
    I believe India’s geopolitics is directly shaping the ICC’s approach to Afghanistan, a pattern evident across multiple recent ICC decisions.

    India is responsible for a large part of the ICC’s global revenue,44 primarily through the BCCI and the massive domestic cricket market, and Jay Shah, the son of Indian Home Minister Amit Shah, was elected unopposed as ICC chairman in December 2024, after serving as BCCI secretary and Asian Cricket Council chief.45 India has helped build Afghanistan’s cricketing infrastructure, provided technical training, hosted Afghan teams, funded stadiums, and arranged commercial sponsorships.46

    While India does not formally recognise the Taliban government in Afghanistan,47 it (we the citizens, our elected politicians) have adopted a policy of “engagement without recognition.”4849 This means India maintains working diplomatic and economic relations with the Taliban regime, while refraining from granting it official, de jure legitimacy.49 We engage with the Taliban government as the de facto authority in Kabul for practical and strategic reasons, therefore granting it legitimacy.

    India’s activities in Afghanistan under the Taliban include diplomatic representation, large-scale humanitarian aid, development assistance, and ongoing political dialogue, especially to safeguard its security and regional interests.50 This approach mirrors India’s policies towards other regimes like the Myanmar junta and Taiwan: open channels for practical coordination, yet withholding formal recognition, consistent with international law on diplomatic relations.5152

    ​However, In October 2025, following the visit of Taliban Foreign Minister Amir Khan Muttaqi to New Delhi, India announced the upgrading of its technical mission in Kabul to a full embassy, a clear sign of deepening engagement, despite the absence of formal recognition.53

    At this point, please also note that I do understand that sanctions against Afghanistan would be less effective than those against apartheid South Africa because the Taliban government, unlike South Africa’s white minority regime, does not depend on international legitimacy or economic integration with cricket-playing nations, and yet if India cared about the girls, women and minorities being oppressed in Afghanistan, they would be banned from cricket.

    But India needs a counterweight to Pakistani terrorism against India. Afghanistan under the Taliban serves as a strategic buffer and potential ally in India’s regional security calculations,54 and the Afghan women and minorities are simply not part of the consideration. And as we know, India’s power has affected ICC’s decisions previously.555657

    What’s happening right now
    Australia remains the only country in cricket that has taken a stand on the matter by refusing to play bilateral matches, citing deep discomfort with the Taliban regime’s escalating crackdown on women’s rights and participation in sport. Since 2021, Cricket Australia has cancelled multiple series, most recently a T20 fixture in 2025.5859

    Australia also hosts exiled women cricketers from Afghanistan, such as Benafsha Hashimi and Firooza Amiri, the latter of whom has pleaded that the ICC doesn’t even need to ban the Afghanistan men’s team: “Don’t ban the Afghanistan men’s side from playing international cricket but do expect them to do more for the women and girls who don’t have the same rights they do,” Amiri told ESPN, once again underlining cricket’s silence.60

    In March 2025, Human Rights Watch addressed an open letter to ICC Chair Jay Shah, urging the council to suspend Afghanistan’s membership until women and girls regain access to education and sport. Minky Worden, HRW’s Director of Global Initiatives, argued that the ICC’s permissiveness “places it on the side of the Taliban, not the women cricketers in exile”.61

    Human Rights Watch and several national cricket boards, including the England and Wales Cricket Board (ECB), have pressed the ICC to adopt a formal human rights policy aligned with UN principles, similar to frameworks now required by the International Olympic Committee (IOC).62 The IOC previously suspended Afghanistan’s Olympic Committee in 1999 for barring female athletes- an exact parallel to today’s situation.

    Publicly, the council maintains support for the displaced Afghan women cricketers in exile but has stopped short of recognition or reallocation of resources to them.63 In April 2025, the ICC announced a separate initiative to support displaced Afghan women cricketers through a task force partnering with Cricket Australia, the England and Wales Cricket Board, and the Board of Control for Cricket in India.64 Critically, however, this new funding stream does not reduce or redirect any money from the ACB- the board responsible for excluding women continues to receive full funding.65

    As of 2025, the ICC continues to provide the Afghanistan Cricket Board (ACB) with approximately $17 million USD (£13 million) in annual funding, exclusively allocated to men’s cricket.66 This funding persists even as Afghanistan remains the only ICC full member without a women’s team.

    Meanwhile, while the International Cricket Council continues to sleep on their job, 2.2 million girls remain banned from school and university education indefinitely.67

    NB: I’m not expecting this to make any institutional changes. I’m not expecting any difference in the state of the suffering Afghans. I have no hope of anything getting better. I even understand the geopolitics and the realpolitik behind the Indian Government’s engagement with the terrorists- they’re trying to choose fewer terrorism deaths for Indians over people they are not morally responsible for. I’m writing because I’m exhausted. I’m tired of women paying the price and men absconding responsibility, even traveling the world playing goddamn cricket with impunity while at it. And I’m writing because who else will? The terrorised Afghans certainly cannot. The exiled Afghan cricketers can barely speak out even in a supposedly safe nation like Australia. But perhaps one day this piece may serve as the evidence that people knew what was happening, or even just show those who suffered that we saw them. You were not erased, my sisters.

    Sources

    1. A Thousand Splendid Suns Quotes With Page Numbers
    2. Afghanistan: An update on the Taliban’s new “Morality law”
    3. Tracking the Taliban’s (Mis)Treatment of Women
    4. BBC News – Taliban bans women’s voices in public media spaces
    5. UNAMA – Moral Oversight Report: Impacts on Afghan Women (PDF)
    6. USCIRF – 2025 Issue Update: Afghanistan Morality Law
    7. The Lancet – Taliban expels female medical students from Afghan colleges
    8. Human Rights Watch – World Report 2025: Afghanistan
    9. Le Monde – Taliban assault on women’s rights reaches new level
    10. Kabul Now – Taliban blocks planned Shia religious gathering
    11. Minority Rights Group – Hazaras 2025: Ongoing persecution and displacement
    12. Jurist – Violence and Exclusion of Hazaras and Shias under Taliban Rule
    13. ESPNcricinfo – ICC reviewing stance against government interference
    14. Cricbuzz – ICC bans political interference in cricket
    15. BBC Sport – ICC suspends Zimbabwe over political meddling
    16. Church Court Chambers – Why the ICC suspended Sri Lanka Cricket
    17. ESPNcricinfo – Cricket’s Turning Points: South Africa are isolated
    18. Dawn – South Africa uniquely placed as a cricketing nation
    19. Anne Frank House – What is the Holocaust?
    20. Holocaust Memorial Day Trust – Nazi Persecution of the Jews
    21. Holocaust Museum Houston – Anti-Jewish Legislation Research Guide
    22. U.S. National Archives – The Nuremberg Laws
    23. Holocaust Encyclopedia – The Nuremberg Race Laws
    24. Holocaust Encyclopedia – The Nuremberg Race Laws
    25. Holocaust Memorial Day Trust – Nazi Persecution of the Jews
    26. Council on Foreign Relations – What Forces Are Fueling Myanmar’s Rohingya Crisis?
    27. Al Jazeera – Rohingya facing “lost generation” of children out of school
    28. Oxford Human Rights Hub – The Elusive Right to Education for the Rohingya People
    29. Nature – Poverty and Precarious Employment: The Case of Rohingya Refugees
    30. Frontiers in Political Science – Statelessness of an Ethnic Minority: The Case of Rohingya
    31. Fortify Rights – UN Security Council: Refer Mass Internment of Muslims in Myanmar to ICC
    32. Al Jazeera – Myanmar’s Military Coup Prolongs Misery for Rohingya
    33. UK Home Office – Myanmar: Rohingya (including Rohingya in Bangladesh)
    34. OHCHR – Myanmar Authorities Must Ensure Full Legal Recognition of Citizenship Rights
    35. UN OHCHR – Report of the Independent International Fact-Finding Mission on Myanmar (PDF)
    36. Human Rights Watch – No Justice, No Freedom for Rohingya: Five Years On
    37. Human Rights Watch – Burma: Scores of Rohingya Villages Bulldozed
    38. Anadolu Agency – UN Investigative Body Finds Rohingya Villages Destroyed, Land Seized
    39. UN IIMM – Situation of Bangladesh / Myanmar (ICC Documentation Page)
    40. Al Jazeera – ICC Prosecutor Seeks Arrest Warrant for Myanmar Military Regime Chief
    41. Columbia Journal of Transnational Law – Three Avenues to Justice for the Rohingya
    42. ICC – Provides Update on Displaced Afghan Women Cricketers Initiative
    43. ICC – Announces Initiative to Support Afghan Women Cricketers
    44. ESPNcricinfo – BCCI Set to Get Nearly 40% of ICC’s Annual Revenue Share
    45. ICC – Jay Shah Elected Unopposed as Independent Chair of ICC
    46. Sputnik News – How India Has Contributed to Afghanistan’s Rise in Cricket
    47. Hindustan Times – India Formally Upgrades Technical Mission in Kabul to Embassy
    48. ICWA – India’s First Ministerial Engagement with the Taliban
    49. Indian Express – Engagement Without Recognition: Decoding India’s Taliban Policy
    50. Reuters – India to Reopen Its Embassy in Kabul
    51. South China Morning Post – India’s Myanmar Diplomacy Imperils ASEAN’s Peace Process
    52. Carnegie Endowment for International Peace – The Case for a Pragmatic India-Taiwan Partnership
    53. Times of India – India Reopens Kabul Embassy; Full Mission Returns After Four Years
    54. Al Jazeera – Afghan Foreign Minister in India: Why New Delhi Is Embracing the Taliban Now
    55. NDTV Sports – Champions Trophy Hybrid Model ‘Finalised’, Says Report
    56. Cricbuzz – CT 2025: PCB choose UAE as neutral venue for India games
    57. Business Standard – Asia Cup 2023 to be held in Hybrid Model from August 31st to September 17
    58. Al Jazeera – Cricket Australia Defends Afghanistan Boycott After ‘Hypocrisy’ Accusations
    59. SuperSport – Cricket Australia Defends Afghanistan Boycott Stance
    60. ESPNcricinfo – Exiled Afghanistan Women Players Urge Men’s Team to ‘Be the Voice of the Girls’
    61. ESPNcricinfo – Human Rights Watch Asks ICC to Suspend Afghanistan’s Membership
    62. Cricbuzz – ICC Urged to Take Action on Women’s Cricket in Afghanistan
    63. DW – Cricket: Afghanistan Women’s History Is Starting Again
    64. ABC News Australia – ICC Plan for Afghan Women’s Cricket Team “Exciting but Unclear”
    65. Cricket Australia – ICC Establishes Support Fund for Displaced Afghan Women’s Cricketers
    66. Forbes – Funding Set for Displaced Afghan Women Cricketers, but Questions Remain
    67. UNESCO – Afghanistan: Four Years On, 2.2 Million Girls Still Banned from School

    Financing Climate Solutions IV: Insurance

    Economic and financial impacts of climate change
    First, some explanations. In climate change contexts, economists use “Economic Loss” to mean the total monetary impact on communities, sectors, or entire countries, including uninsured damages and broader ripple effects.12 Economic loss is further divided into two types of loss, pure economic loss and consequential economic loss.

    Pure Economic Loss is financial harm that occurs without any associated physical damage to property or persons, such as when bad weather warnings keeping people away from events they would otherwise pay to attend.34 Consequential Economic Loss is loss that happens as a consequence of that physical impact, even if not immediately obvious, for example if excessive rains damage a local shop, which then has to shut shop for repairs compromising sales for the period.34

    ​These distinctions matter because even when it is not immediately evident, climate change drives losses through the economy in multiple ways large and small. Think of unemployment in a region due to a climate exacerbated disaster such as a forest fire which burns down parts of a town or a city, let’s say some warehouses or farms burn down, not only are assets lost in such cases, so is future consumption due to loss in employment income for those who worked in those warehouses or farms. Further, not every loss is or can be insured, but losses such as those caused by consumption loss after considerable climate disasters tend to have ripple effects across economies with no clear physical starting point.

    Financial Loss refers to losses in actual money or other financial instruments (for example unencashed cheques lost in a flood event). It’s a more direct concept and includes only what can be counted.23

    Understanding these terms helps us understand the following statistics a little better, while also realising that they can never grasp the full magnitude of climate damages.

    Economic losses from natural disasters totalled $368 billion globally, driven by hurricanes, severe storms, and record heatwaves. As mentioned, the first half of 2025 is trending higher. In India, climate disasters cost India over $12 billion in 2025, with floods and heatwaves hitting agriculture and productivity especially hard.5 Projections show GDP per capita losses could reach 2.13% by 2025 and exceed 25% by 2100.5 Indeed, if global warming reaches 3°C by 2100, cumulative economic output could shrink by 15–34%. The net cost of inaction translates to a loss equivalent to three times current global health spending by 2100.6

    Insuring against climate risks helps manage losses from climate change impacts such as extreme weather events, floods, droughts, and tropical cyclones, as well as more mundane events like too much or too little weather that affect economic performance, such as agricultural output, disrupted sports matches, rained in vacation seasons, and so on. The costs and frequency of extreme weather events have soared, with $100 billion in insured losses recorded in the first half of 2025 alone,78 which is 40% higher than the same period in 2024 and more than double the 21st-century average7.

    TermWhat it Means in Practice
    Pure Economic LossFinancial hit without physical damage—like lost ticket sales because a bad weather warning kept customers away, even if nothing broke.
    Consequential Economic LossCosts that ripple out from a disaster—like lost income when a business shuts for repairs, or when workers lose jobs after a factory burns.
    Financial LossTangible money lost—cheques that float away in a flood, crashed stock market values, or direct property damage costs.
    In summary

    Risk
    The standard formula for risk is: Risk = Probability × Impact, where probability is the simple likelihood of an event happening, like we studied in school (here’s a post that talks about probability in deeper detail), and impact is how severe the consequences of the event would be, if it were to happen.9

    In practice, insurers and climate researchers use risk matrices or quantitative models to assess and rank multiple risks in order of urgency, severity and other metrics. The formula for these kinds of advanced risk models can substitute “probability” with metrics like frequency, exposure, vulnerability, or asset value, and here the formula can change to something closer to: Risk = Threat Frequency × Vulnerability × Asset Value.910

    Financial institutions increasingly conduct climate stress tests to assess resilience under various climate scenarios. These tests measure CRISK, which measures the expected capital shortfall under climate stress scenarios, and functions similarly to financial crisis stress tests but incorporating climate risk factors.10 During the 2020 fossil fuel price collapse, major global banks experienced substantial CRISK increases; Citigroup’s climate-related capital shortfall rose by $73 billion in 2020 alone.10

    Stress testing involves three steps: measuring climate risk factors (often using stranded asset portfolio returns as transition risk proxies), estimating time-varying climate betas for institutions, and computing capital shortfalls under stress scenarios.11

    DON’T PANIC HERE’S AN EXPLANATION: It’s like asking, if climate disasters happen, how much trouble would this bank be in? A stranded asset portfolio is the collection of companies that the bank is lending to, or whose stocks it owns, that would suffer most if the world suddenly got serious about fighting climate change. From this we subtract the returns of some regular stocks so that we can isolate the impacts of climate change. So let us say an extreme climate event happens, and this portfolio crashes by 50% in market value (market value is the value the portfolio assets would get if sold in the open market). Climate beta is a way to understand how much the bank’s own share price responds to climate events, or to governments cracking down on transition sensitive industries that it owns in the stranded asset portfolio. If a bank has lent lots of money to an oil and gas company, it will have a higher climate beta. We use the share price of the bank because it provides a real-time, market-based reflection of how investors perceive the bank’s overall financial health and risk exposure, including its sensitivity to climate-related events, making it a practical and observable indicator for assessing potential future losses and calculating stress test outcomes, which basically means that markets process information faster than accountants. Continuing with our example, let’s assume the bank has a climate beta of 0.6. In extreme climate stress (50% fossil fuel portfolio crash), this bank’s stock price would fall by 30% (0.6 × 50%). The final step is to understand, if the worst possible climate scenario happens, how much money would the bank need to stay afloat, for which the following formula can be used: Capital Shortfall = (Minimum Required Capital that a bank must maintain as mandated by the government) – (Bank’s Remaining Equity After Climate Shock).

    Another example: Portfolio crash = 50%, climate beta = 1.2, therefore the bank’s stock price crashes by 60%. Now suppose the bank has total assets (the market value of the loans it has given out, the shares it owns, and any other assets) of $100, and the government has said that at the minimum it must have 10% of this amount with it at all times (the bank cannot use this money), so 10% of $100 is $10. Now let us say that the same bank had $40 in equity share capital, but because the price of this $40 crashed by 60%, it is now only worth 40% × $40 = $16. Since the $16 > the $10 the government said the bank must always have, this bank is safe. It is easy to see that banks that have different combinations of numbers will have different results.

    Climate risk is not an abstract concept any longer simply because it is happening all around us, and we’re all suffering from it (and also because financiers have made formulae). Areas that suffer frequent climate impacts, whether (hehe, weather) direct or indirect are likely to suffer more financial consequences and have poorer asset protection since insurers would prefer to limit losses.1213 It just so happens that these geographies are also the previously colonised Global South now suffering from the extended consequences of colonialism and the industrial revolution they did not partake in.1415

    In 2023, the global insurance protection gap reached 67%- only 33% of $357 billion in economic losses from natural hazards were insured.16 This gap widens dramatically in developing countries, most of which are the historically colonised nations, where less than 10% of disaster losses have insurance coverage;5 Africa insures merely 0.5% of climate-related losses.17 Without intervention, uninsured global losses could double to $560 billion annually by 2030.16 Regions may become effectively “uninsurable” as coverage becomes inadequate, inaccessible, or prohibitively expensive.9 Another relevant stat: research indicates each 1% increase in insurance coverage moves countries 5.8% closer to achieving Sustainable Development Goals.181920

    The protection gap stems from multiple factors:

    • Unaffordable premiums: Rising climate-related losses push insurers to increase premiums to reflect heightened risk, further widening affordability gaps and leaving many unprotected.2122
    • Insufficient local risk data: In many emerging markets and developing economies, hazard maps and exposure data are incomplete, outdated, or inaccessible, limiting confidence in risk assessment tools and complicating underwriting decisions.2123
    • Lack of government coordination across ministries: Fragmented policy frameworks, inadequate integration of disaster risk management with financial protection strategies, and limited inter-ministerial collaboration obstruct the scaling of insurance solutions and premium support schemes.2124
    • Inadequate domestic financial sector development: In many emerging economies results in underdeveloped insurance markets, limited technical capacity among insurers and supervisors, low financial literacy, and weak distribution channels. These structural weaknesses restrict both the supply of insurance products and the demand from potential policyholders, perpetuating the protection gap.2125

    Types of climate risk26
    Climate risk refers to the potential negative impacts on society, ecosystems, or economies resulting from climate change. These risks are typically grouped into three main categories: physical risks, transition risks, and liability risks.

    1. Physical Risks: These arise from the direct effects of climate change and are further divided into two subcategories:
      • Acute physical risks are event-driven, such as hurricanes, floods, wildfires, tornadoes, heatwaves, or intense storms. These can cause sudden and severe damage to property, infrastructure, and supply chains.
      • Chronic physical risks develop over a longer time frame. These include rising sea levels, gradual increases in average temperatures, changes in precipitation patterns, persistent droughts, land degradation, water scarcity, and ocean acidification.
    2. Transition Risks: These are risks associated with the shift to a low-carbon economy and include challenges related to changes in policy, technology, market preferences, and investments. Examples include regulatory changes (carbon pricing, emissions limits), sudden shifts in market demand (e.g., decline in demand for fossil fuels), technological disruption (rapid adoption of renewables), or reputational damage if organisations are slow to adapt. Such changes may render some business models or assets less viable or even obsolete (these are called “stranded assets”).
    3. Liability Risks: These stem from parties seeking compensation for losses they attribute to climate change. As regulatory requirements around disclosure and climate responsibility tighten, companies face increasing legal actions over failure to adequately manage or disclose climate risks, or for contributing to environmental harm.

    More about stranded assets: To limit warming to 1.5°C, approximately 60% of oil and gas reserves and 90% of coal reserves must remain unburned, creating potentially $1.4 trillion in stranded fossil fuel assets globally.27 Coal-fired power plants face the highest stranding risk, requiring retirement 10-30 years earlier than historical patterns to meet Paris Agreement targets.28 Stranding extends beyond fossil fuels—aviation, heavy manufacturing, and carbon-intensive real estate also face obsolescence as the economy decarbonises. Physical climate risks like sea-level rise, floods, and droughts can also directly strand assets by making them uninhabitable or uneconomical. Buildings failing to meet emerging energy efficiency standards face early economic obsolescence, requiring costly retrofits or suffering reduced marketability.​

    The financial industry’s exposure to climate change1011
    The financial industry is exposed to climate risks on both sides.

    In finance, buy side and sell side refer to the two broad categories of financial market participants and their roles in the investment ecosystem. The buy side includes entities whose primary role is to invest capital (money) for themselves or their clients, and their main goal is to generate positive returns from the purchase and management of these assets. Sell side entities provide investment products, research, and execution services to buy-side clients and often facilitate transactions between buyers and sellers.

    1. Buy side entities face climate risk in the form of:
      • Asset Value Declines: Physical climate events can damage or destroy underlying assets (like real estate, farmland, or infrastructure), eroding the value of investments.
      • Transition Risks: As economies move to lower-carbon models, the value of companies or sectors exposed to fossil fuels, heavy industry, or outdated technologies may collapse, turning previously valuable holdings into “stranded assets”.
      • Market Volatility: Unexpected regulatory policy, carbon pricing, or shifts in investor preferences can result in sharp drops in certain securities, particularly where climate risks were previously underpriced, or even unpriced.
      • Reputational and Compliance Pressure: Asset managers are increasingly required to disclose their climate risk exposures, scenario analysis, and decarbonisation strategies under frameworks such as TCFD, EU taxonomy, and other local regulations.
    2. And Sell side entities face them in the form of:
      • Credit Risk and Loan Defaults: Borrowers struck by climate disasters (flood, drought, hurricane) may default on loans as asset values drop or cash flow dries up. Large-scale disasters can lead to significant concentrations of defaults in a short period.
      • Collateral Devaluation: The value of physical collateral backing loans (properties, crops, factories) declines with repeated climate events or chronic risks such as sea-level rise or desertification.
      • Underwriting Risk: Insurers see more frequent and severe claims for natural disasters, complicating pricing and threatening profitability.
      • Rising Compliance and Capital Costs: Regulators increasingly require sell side firms to conduct climate stress tests, manage exposures, and allocate more capital against climate-vulnerable loans or portfolios (so that if their value suddenly declines, there is enough money to cover for it).

    Some of the newer insurance instruments

    Traditional vs. Parametric Insurance:10 Traditional indemnity insurance requires extensive damage assessment and claims verification, causing significant delays when communities need immediate relief. Parametric or index based insurance (called so because payouts are triggered by weather indices that measure heat waves, number of rainy days, wind speeds, etc.) trigger automatic payouts when predefined thresholds are met.

    For example, if wind speeds in an area exceed 150 km/h, it may immediately send money to the people who are insured in that area, if rainfall below 200mm happens during growing season in an area, automatic payout will happen in that area, as long as data confirms that the threshold criteria were met. This brings transparency, expedites claims processing, and provides policyholders discretionary use of funds for their most urgent needs.​ Parametric insurance is also expanding to cover urban businesses, tourism, and logistics.

    Catastrophe Bonds (CAT Bonds):28 Catastrophe bonds are alternative risk transfer instruments that connect disaster risk to capital markets. Governments or corporations issue these high-yield debt securities through Special Purpose Vehicles, attracting investors including pension funds, asset managers, and hedge funds. Investors receive attractive returns—typically higher than traditional bonds—as long as specified catastrophes don’t occur. However, if predetermined triggers are met (a cyclone reaching specific intensity, earthquake exceeding certain magnitude, or insured losses surpassing threshold levels), investors forfeit some or all principal, which immediately transfers to the issuer for disaster relief and reconstruction.

    The CAT bond market has grown substantially, reaching approximately $40-50 billion by 2025, up from minimal levels in the 1990s when they emerged after Hurricane Andrew devastated the insurance industry. India is exploring CAT bonds as the country faces $9-10 billion in annual disaster losses, with single events like the 2013 Uttarakhand floods causing over $6 billion in damages.​

    Risk Pooling Mechanisms:2926 Regional catastrophe risk pools aggregate disaster risks across multiple countries, exploiting geographic diversification where weather events affecting one nation are unlikely to simultaneously impact others. Research shows optimal regional pooling can increase risk diversification by 35-40% compared to individual country approaches. The three major global pools demonstrate this model’s effectiveness:​

    1. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) covers tropical cyclones, earthquakes, and excess rainfall across Caribbean and Central American nations.
    2. The African Risk Capacity (ARC) primarily addresses drought risk across African countries, with some coverage for other perils.
    3. The Pacific Catastrophe Risk Insurance Company (PCRAFI) protects Pacific island nations against tropical cyclones and seismic risks.

    These pools signed a Memorandum of Understanding at COP27 to collaborate on product development, advocacy, and capacity building.​

    Microinsurance for Climate Resilience:29 Microinsurance extends risk coverage to low-income households in developing countries whose livelihoods are vulnerable to climate impacts. More than one billion unbanked adults live in the most climate-vulnerable countries, and they lack the financial resilience to withstand climate shocks.

    Climate-linked index microinsurance products use satellite monitoring to trigger automatic payouts when drought, flood, or temperature indices reach predetermined levels, eliminating verification costs and fraud risks while providing rapid relief. Evidence suggests microinsurance helps vulnerable communities adopt risk management rather than harmful coping mechanisms after the events have happened, which then deepen poverty cycles.​

    Some microinsurance programs are now pairing parametric coverage against climate shocks with access to savings accounts or lines of credit accounts for post-disaster recovery. The idea is that this can strengthen community resilience.30

    Nature-Based Solutions and Insurance Innovation:5 Insurers increasingly recognise ecosystems2 as protective infrastructure deserving of coverage. Mangrove forests, coastal wetlands, and coral reefs provide natural storm surge barriers, while urban green spaces reduce flood risk and heat stress.

    Insurance products now protect these natural assets and enable nature-based solutions, understanding that ecosystem degradation directly increases insured losses, although less than 2%29 of international climate finance currently supports nature-based solutions for adaptation.

    InstrumentWhat It CoversHow It WorksWho Uses ItStrengthsChallenges
    Parametric InsuranceWeather extremes (rainfall, wind, drought, heat)Policies pay out automatically if a set index (like rainfall, temperature) crosses a threshold—no need to prove physical lossFarmers, governments, businesses in exposed areas, humanitarian agenciesFast payouts, limited paperwork, works for hard-to-insure risksMay not match actual losses perfectly; needs reliable data
    Traditional InsurancePhysical damage from weather/disasterPayouts come after damage is verified, based on actual bills and assessmentsProperty owners, businesses, local governmentsFamiliar, covers wide loss types, can be customisedSlow response, costly verification, may not cover all gaps
    Catastrophe Bonds (CAT Bonds)Large-scale disasters (cyclones, earthquakes, floods)Governments/businesses issue ‘high-yield’ bonds; investors lose their money only if disaster triggers payoutCountries, insurers, pension funds, asset managersBrings capital markets into disaster relief, diversifies riskComplex setup, investors risk losing principal if disaster strikes
    Risk PoolingWeather or disaster risks across regions or countriesMultiple countries/areas join a pool to share risks; one area hit, all pay, but events rarely hit all at onceSmall nations, regional groups, insurance agenciesReduces premiums, helps small countries access coverageGovernance is tricky, payouts depend on group solidarity
    MicroinsuranceSmall losses for low-income, vulnerable groupsUltra-affordable coverage, often parametric, sometimes bundled with savings, delivered by NGOs/banks/mobileFarmers, informal workers, small businesses in climate hotspotsSwift and simple, increases resilience, avoids deep povertyCan be less comprehensive, difficult to scale, requires outreach
    Nature-Based/Ecosystem InsuranceMangroves, reefs, wetlands, green urban assetsPolicies protect/capitalise the restoration/maintenance of natural infrastructureCoastal cities, local governments, conservation groups, insurersReduces cost of disasters naturally, preserves biodiversityNot yet widespread, requires monitoring and valuation of natural assets
    Comparable explanations of the different climate-related insurance products

    In conclusion

    As climate change intensifies, traditional insurance models face unprecedented challenges. Historical weather data, which is the foundation of actuarial science, becomes less reliable when climate patterns shift fundamentally.26 Failure to manage climate risks exposes both buy and sell side firms to financial instability, reputational harm, and even legal action. 

    Financial institutions are adapting by increasingly adopting active risk management strategies that include scenario analysis, stress testing, enhanced data collection, and real-time monitoring of exposures to physical and transition risks, and by aligning governance structures, investing in climate modeling and reporting platforms, and embedding climate risk in all business decision layers including by setting climate-reduction targets, assessing financed emissions, and developing new risk-adjusted pricing and hedging strategies.

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