literature review on alternative investments

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Qualitative Research in Financial Markets

ISSN : 1755-4179

Article publication date: 31 May 2022

Issue publication date: 17 January 2023

This paper aims to review, systematize and integrate existing research on alternative investments. This study conducts performance analysis comprising production timeline, country-wise contributions, analysis of sources, affiliations, the geography of authors and citations of studies on alternative investments.

Design/methodology/approach

This study adopts a thematic and bibliometric analysis methodology on 570 papers identified from mainstream literature on alternative investments. This study provides an analysis of science mapping, including co-citation analysis, bibliometric coupling, word analysis and trending topics on alternative investments. In addition, the study presents thematic analysis by classifying existing studies into nine themes.

Alternative investments provide diversification benefits and play a critical role in portfolio construction, and the research on alternative investments has gained momentum in recent times. This study finds that hedge funds, private equity, artwork, collectibles, commodities, fine wine and venture capital have remained prominent themes in the field. Investments in cryptocurrencies are an emerging area in the research on alternative investments.

Research limitations/implications

This study limits itself to the papers published in the area of finance and economics listed on the Scopus database.

Originality/value

This study provides quantitative bibliometric analysis and thematic analysis of the extant literature on alternative investments and identifies the areas that could be developed to advance research on alternative investments.

• Thematic analysis
• Bibliometric analysis
• Literature review
• Performance analysis
• Science mapping
• Alternative investments

Acknowledgements

The authors are grateful to their employers for providing us with the time to carry out our research smoothly. Authors would like to thank the editor and two anonymous referees for their comments on a preliminary version of this paper.

Mundi, H.S. and Kumar, D. (2023), "The potential of alternative investments as an asset class: a thematic and bibliometric review", Qualitative Research in Financial Markets , Vol. 15 No. 1, pp. 119-141. https://doi.org/10.1108/QRFM-11-2021-0182

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Alternative Investments as Modern Financial Innovations

• First Online: 01 January 2014

Cite this chapter

• Ewelina Sokołowska 2  

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1 Citations

The second chapter is a logical continuation of the first one. Its purpose is to present the concept of alternative investments as contemporary innovations in the securities market. This chapter shows the various, often differing concepts of alternative investments appearing in the world literature. They formed the basis for defining the conditions that must be met in order for a specific type of investment to be included in a particular category. Moreover, this section discusses the characteristics of alternative investments that distinguish them from traditional forms of investment, which include the pursuit of absolute returns as well as active management of managers mostly investing their own funds in these investments. In addition, diverse investment strategies were characterized along with their essence in pursuit of the so-called absolute profit. At the same time attention was paid to the possibilities offered by alternative investments in portfolio diversification and the use of methods of arbitrage. It also presents the mechanism of a two-tier remuneration system for managers which is used in the management of hedge funds, which are a very important category of alternative investments. This chapter also highlights the specificity of regulation of the alternative investment sector.

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Sokołowska, E. (2010). Alternatywne formy inwestowania na rynku papierów wartościowych . Toruń: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika.

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Sokołowska, E. (2014). Alternative Investments as Modern Financial Innovations. In: Alternative Investments in Wealth Management. Springer, Cham. https://doi.org/10.1007/978-3-319-08075-8_2

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• DOI: 10.1002/9781118656501.CH1
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14 Alternative Investments

• Published: February 2013
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Monthly return distributions of alternative assets are generally not normally distributed and typically show significantly smoothed returns, which can lead to an underestimation of risk. Furthermore, portfolio optimization in the mean-variance framework that includes alternative assets is suboptimal. This is because the variance of the return distributions for these investments fails to adequately capture all risks. This chapter provides an estimate of the efficient frontier for portfolios consisting of numerous alternative assets as well as traditional asset classes such as equities and bonds. This process enables incorporating the special characteristics of alternative investments, especially downside risk, in the optimization procedure for mixed-asset portfolios. Within this approach, mixed-asset portfolios containing the majority of alternative investments can be used to illustrate the previously unknown effects of skewness and excess kurtosis on the efficient frontier. The evidence shows that alternative investments are ideally suited to reduce portfolio risk and enhance risk-adjusted performance.

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Literature review of hedge funds performance persistence.

16 Pages Posted: 22 Mar 2021

Michel Guirguis

Parental House

Date Written: February 3, 2021

This paper examines in detail the literature review of hedge funds performance persistence. Hedge funds are also known as alternative investments that are suited to institutional investors or wealthy investors with significant experience and knowledge in investment. They are used to hedge different types of risk by using derivatives products. Hedge fund managers use call and put options, commodity futures, forward contracts, index, currency and fixed income options and futures to hedge credit risk, market risk, country risk, sector risk, company risk, interest rate risk and currency risk. They try to reduce risk, offset loses and positively increase the performance of the fund. They are not liquid as they use a lockup period for a certain period of time. They are used from wealthy investors that have a capital higher than 250,000 USD. In some cases the invested capital could be 1,000,000 USD or more than 10,000,000 USD.

Suggested Citation: Suggested Citation

Michel Guirguis (Contact Author)

Parental house ( email ).

Terpsichoris road Palaio-Faliro Athens, 17562 Greece

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Alternative investments and their role in wealth management

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Key takeaways

Understand options.

Lower minimum investments have opened many alternative strategies to retail investors who aren’t considered high-net-worth (HNW).

Manage expectations

Wealth managers may need to work to manage client expectations by knowing and explaining the features, potential advantages, and risks of these products.

Enhance value proposition

Offering alternative investments may help differentiate a practice to attract new clients and promote growth.

Alternative investments including private equity, private credit, and private real estate may help wealth managers give their clients exposure to enhanced benefit potential beyond the traditional 60/40 portfolio of equites and fixed income. Offering these options may also set the savvy wealth manager apart from the competition.

Why offer alternative investments

The range of alternative solutions accessible to wealth managers keeps growing. Lower minimum investments have opened many alternative strategies to retail investors who aren’t considered HNW. Intermittent liquidity products have become a popular starting point for wealth managers venturing into alternatives. Interval funds, for example, periodically buy back shares rather than trade on secondary markets, essentially forgoing daily liquidity for potentially higher long-term growth.

Alternative investment exposure may help diversify risk, dampen volatility, promote growth, add income, and hedge inflation. But wealth managers likely need to work to manage client expectations by understanding and explaining the features, potential advantages, and risks of these products. The necessary due diligence can lead to expertise and specialization, which can help wealth managers differentiate their services.

Clients already seeking alternative investments

Alternative investments attract increasing attention from wealth managers, particularly those serving HNW/ultra-high net worth (UHNW) investors. According to Practice Innovation Index respondents, wealth managers allocate an average of 3% of their client assets to alternatives (excluding liquid alternatives). That percentage rises to 7% for practices whose average client size is at least $10 million. 1

HNW clients tend to have a longer-term horizon with investments allocated to a wider range of non-traditional asset classes, including private equity, private credit, venture capital, hedge funds, and private placements. These investors increasingly turn to alternatives for portfolio diversification, enhanced return, and high-yield opportunities in the private credit markets. Providing access to high-quality alternative strategies and exclusive private placement opportunities can differentiate practices looking to attract the higher end of the wealth market. 2

One practice added a client because of it. “We were pursuing a prospective HNW client and decided to include our alternative investment capabilities as part of our pitch at the last minute. We ended up winning the business and later learned that it was mentioning alternatives that was the deciding factor in hiring (us) as their advisor over another competitor.” 3

Certain segments of the retail market lead the way in alternative adoption. Client sophistication may be one reason why. Practice Innovation Index respondents show that wealth managers in the wirehouse channel currently allocate 4.5% of assets to alternatives followed by registered investment advisors (RIAs) at 3.6% and broker/dealers (B/Ds) at 1.6%. 1

Cerulli Associates, the research and consulting firm that powers the Practice Innovation Index, expects greater adoption across retail channels amidst evolving market conditions, greater product access, and increased home-office support. 2

Incorporating alternative investments

Wirehouse and B/D home offices are providing more resources and portfolio construction support to help wealth managers incorporate alternatives into client portfolios. Increased product innovation, technology, and access via third-party alternative platforms are driving adoption among RIAs. More home offices are including alternatives on their recommended list and offering implementation support for practices allocating to alternatives. Some firms are beginning to incorporate alternative investments into model portfolios, although this practice remains in the early stages. With better tools and resources, average allocations will likely trend upward in the coming years. 1

Operational hurdles and due diligence challenges remain a key barrier to alternative adoption and will require additional education for wealth managers. Sourcing and due diligence, not to mention the operational burdens that accompany these types of exposures (e.g., onboarding paperwork, K-1 tax filings, capital calls), continue to challenge practices. A recent study by Invesco, Investments & Wealth Institute (IWI), and Cerulli cited lack of liquidity (56%), educating clients (44%), and product complexity/due diligence burden (39%) as the main factors preventing greater adoption. 4

Despite implementation and education challenges, Cerulli is encouraged to see greater support and product availability at the home-office level. It believes that alternative assets will continue to gain relevance across the broader retail segment for years to come. Incorporating alternatives lets wealth managers to enhance their value proposition, differentiate their practice, attract HNW clients, and grow their practices. 2

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1 Source: Practice Innovation Index diagnostic survey results of 2,250 participants, 7/13/2021-12/31/2023.

2 Source: The Cerulli Report—U.S. Advisor Metrics 2023.

3 Testimonials: These are the personal views of financial professionals  interviewed by Cerulli Associates.  Their testimonials do not constitute investment advice or a recommendation to buy or sell any investment security, and they are not necessarily the views of Invesco. The testimonial may not be the experience of others and is no guarantee of future performance or success. These financial professionals were not paid any fee for their testimonials.

4 Study conducted 09/23. Invesco Distributors, Inc. is affiliated with neither Investments & Wealth Institute (IWI), Cerulli Associates nor Cerulli, Inc.

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This is not to be construed as an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in an investment-making decision. Alternative products typically hold more non-traditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic strategies that change with market conditions. Investors considering alternatives should be aware of their unique characteristics and additional risks from the strategies they use. Like all investments, performance will fluctuate. You can lose money.

The model portfolio information shown herein is for illustrative purposes only. Model portfolios are available through an affiliate of Invesco Distributors, Inc. Invesco Distributors, Inc. is the US distributor for Invesco's Retail Products and Collective Trust Funds. Invesco Advisers, Inc. provides investment advisory services and does not sell securities. Both are indirect, wholly owned subsidiaries of Invesco Ltd.

The opinions expressed are those of the author and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

Cerulli Associates defines high-net-worth (HNW) as $5 million or greater in investable assets and ultra-high-net-worth (UHNW) as $20 million or greater in investable assets.

Cerulli Associates utilizes the term “advisor(s)” instead of “financial professional(s)” used by Invesco Distributors, Inc.

All data created by Invesco Global Consulting unless otherwise noted.

Diversification/asset allocation does not guarantee a profit or eliminate the risk of loss.

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Yieldstreet is an online crowdfunding platform for accredited and non-accredited investors to invest in a range of alternative investment products, such as real estate, structured notes, and art. The user-friendly platform has strong historical returns and multiple account options, including retirement savings accounts.

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Yieldstreet is best for experienced, high-income/high-net-worth investors, but folks who don't have six figures to invest in should look elsewhere. Yieldstreet is one of the best real estate investing apps for folks interested in real estate and alternative investments.

• Consider it if: You're a high-net-worth investor interested in diversifying your investments across real estate and other alternative assets.
• Awards: Listed on CB Insights' Fintech 250 ranking as a Top Fintech Startup

Yieldstreet is one of the best real estate investing apps , offering a diversified private market portfolio of vetted investment opportunities. You'll receive curated portfolio recommendations from third-party managers who take a holistic approach to wealth-building and risk management.

Accredited traders (those with a high net worth) can easily generate passive income with Yieldstreet's entire collection of alternative asset classes, like venture capital, private credit, and structured notes. However, non-accredited investors are limited to the Yieldstreet Alternative Income Fund. 

Yieldstreet best suits accredited investors seeking further portfolio diversification and wealth-building opportunities. It's not ideal for beginners or risk-averse traders, as investing in real estate and similar investment products carries significant risk and these investments are generally illiquid. 

Yieldstreet: Overall Rating

Yieldstreet has a range of asset types and classes with varying minimum investment requirements, terms, and IRA eligibility. The available asset classes include real estate, art, multi-asset class funds, private equity, transportation, crypto, venture capital , private credit, legal settlements, and short-term notes. 

When reviewing fund options, Yieldstreet is transparent about what's involved with each investment, the underlying strategy, the total offering size, risks, and expected return. However, Yieldstreet's fund options are only available for a set period, and it's first come, first served, so there's a chance you can miss investment opportunities if you're too slow. 

You can invest in three asset types that derive different returns:

• Equity: This high-return, high-risk asset type primarily generates returns from either price appreciation or the underlying assets' capital gains. For example, the Art Equity Fund V invests in unique artworks from mid-career and (re)emerging artists in the hope that the works will appreciate in value over time. It has a $15,000 minimum investment requirement and a monthly closing cadence over a five-year term. 
• Credit: For lower returns and risk, this asset type is primarily focused on short-term investments for increased liquidity. It derives returns from income generated from a contractual stream of cashflows. For example, the Short Term Note Series CXXVIII provides monthly interest payments over a nine-month term for a $10,000 minimum investment. 
• Other: Returns from investments that derive from both contractual income and price appreciation/capital gains. For example, the ST Income Notes Diversified Portfolio XLVI is a diversified portfolio of three different income notes that each reference different underlying stocks with varying characteristics to help mitigate the risk of investing in each underlying asset. It has a $15,000 minimum investment requirement and a nine-month term. 

Keep in mind that you'll be subject to a lock-up period before getting your capital back from Yieldstreet, which can significantly limit your liquidity. A lock-up period is a window of time during which investors cannot sell or redeem shares of a specific investment. Depending on the investment, this can range from three months to five years.

Most funds show a positive return, but Yieldstreet is clear that not every investment works out. So, you must understand the risks involved when deciding if it makes sense for your investment goals.

You may also access the Yieldstreet Wallet, a savings account held at Evolve Bank & Trust. This FDIC-insured high-yield savings account is typically used to fund investments through Yieldstreet, including IRAs. 

Yieldstreet Alternative Income Fund

The Yieldstreet Alternative Income Fund (formerly the Yieldstreet Prism Fund) is the only investment option available for both non-accredited and accredited investors. This diverse private market fund is designed to generate income through quarterly distributions with an 8.1% annualized yield. There's a $10,000 minimum.

The fund combines 20+ income-generating alternative asset classes — including private credit, real estate , and money market funds — for broad market exposure and capital appreciation. 

While the Alternative Income Fund works like a mutual fund in many ways, there are some important differences. Your investment is not highly liquid. That means you can't just sell your shares if you need the cash for something else. If you invest in this fund, it's important to understand that your funds are tied up for several years outside of planned quarterly distributions.

IRA Accounts

Yieldstreet partnered with IRA custodian Equity Trust so investors can add private market investments to self-directed IRAs for higher returns and decreased market volatility. More than 85% of Yieldstreet's alternative investment products, including select real estate funds, private credit, structured notes, and private equity, are IRA eligible. 

You can open a self-directed IRA (traditional, Roth, SEP, or SIMPLE) directly through Equity Trust or Yieldstreet. Equity Trust's concierge team can also handle retirement plan transfers and rollovers. Yieldstreet is also offering a reduced account fee (as little as 0.09% annually) for members. 

Yieldstreet Fees

Yieldstreet  requires a $10,000 minimum to start investing. It also charges between 1% and 4% in annual management fees, depending on what you're invested in.

Alternative Income Fund has an annual expense ratio of 3.74%, a 1% annual management fee, an estimated annual leverage expense fee of 1.22%, a subsidiary 1.02% tax expense, and an adjusted annual expense ratio of 1.50%. 

Equity Trust self-directed IRA requires a $500 minimum investment. 

Pros and Cons of Yieldstreet

Yieldstreet Trustworthiness

Yieldstreet has a D rating with the Better Business Bureau . The bureau says it assigned this rating because multiple unresolved complaints were filed against the business. 

However, the BBB also says on its website that ratings don't guarantee whether Yieldstreet will be reliable or perform well.

In 2022, the SEC filed charges against Yieldstreet for allegedly failing to disclose important information to investors, resulting in a significant loss of funds. Yieldstreet neither admitted nor denied these allegations but settled the lawsuit on September 12, 2023, paying a penalty of over $1.9 million in fees. 

Yieldstreet vs. Fundrise

Yieldstreet is a great option for investing in fine art, real estate, and multi-asset class funds. Fundrise, however, best suits individuals who are solely focused on real estate investments (e.g., REITs and real estate funds) and Fundrise IPOs.

Accredited investors interested in building wealth and diversifying their investment portfolios across various alternative investable securities, should consider Yieldstreet. Although Yieldstreet technically accepts non-accredited investors, they'll be limited to Yieldstreet's Alternative Income Fund.

Therefore, non-accredited investors and real-estate-focused investors are better off with Fundrise. Fundrise also has a lower minimum investment ($10) and generally lower fees. 

Fundrise review

Yieldstreet vs. CrowdStreet

Yieldstreet and CrowdStreet both offer a wide range of alternative investments. CrowdStreet is best for wealthy and experienced real estate investors interested in investing in single-sponsor funds, individual deals, and managed portfolios. But you'll need more to get started at CrowdStreet. While Yieldstreet has a $10,000 minimum, CrowdStreet requires at least $25,000 (up to $250,000 for some offerings) for newcomers.

CrowdStreet only accepts accredited investors. Although Yieldstreet mainly caters to accredited investors, non-accredited investors can still invest in the Alternative Income Fund for broad market exposure and quarterly distributions. 

CrowdStreet review

Yieldstreet FAQs

Yieldstreet is a safe real estate and alternative investment platform with data encryption software, two-factor authentication, and an FDIC-insured wallet. However, its investment options pose high risks with the potential for large losses. While most Yieldstreet funds are successful, there's no guarantee. 

Fees on Yieldstreet vary depending on the funds you choose to invest in, but minimum investment generally ranges from $10,000 to $25,000, with annual management fees from 1% to 4%. Yieldstreet is transparent about its fee structure, so you can review each fund before investing. 

You can invest in Yieldstreet if you're not an accredited investor. Although Yieldstreet primarily caters to accredited investors, non-accredited investors can invest in Yieldstreet's Alternative Income Fund for a $10,000 minimum and 8.1% annualized yield. 

Why You Should Trust Us: How We Reviewed Yieldstreet

We examined Yieldstreet real-estate investing app using  Business Insider's rating methodology for investing platforms to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 and 5. 

Real estate investing platforms offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner and passive investors. Yieldstreet was evaluated with a focus on how it performed in each category.

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Tracking cop28 progress.

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IEA (2024), World Energy Investment 2024 , IEA, Paris https://www.iea.org/reports/world-energy-investment-2024, Licence: CC BY 4.0

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The world now invests almost twice as much in clean energy as it does in fossil fuels…, global investment in clean energy and fossil fuels, 2015-2024, …but there are major imbalances in investment, and emerging market and developing economies (emde) outside china account for only around 15% of global clean energy spending, annual investment in clean energy by selected country and region, 2019 and 2024, investment in solar pv now surpasses all other generation technologies combined, global annual investment in solar pv and other generation technologies, 2021-2024, the integration of renewables and upgrades to existing infrastructure have sparked a recovery in spending on grids and storage, investment in power grids and storage by region 2017-2024, rising investments in clean energy push overall energy investment above usd 3 trillion for the first time.

Global energy investment is set to exceed USD 3 trillion for the first time in 2024, with USD 2 trillion going to clean energy technologies and infrastructure. Investment in clean energy has accelerated since 2020, and spending on renewable power, grids and storage is now higher than total spending on oil, gas, and coal.

As the era of cheap borrowing comes to an end, certain kinds of investment are being held back by higher financing costs. However, the impact on project economics has been partially offset by easing supply chain pressures and falling prices. Solar panel costs have decreased by 30% over the last two years, and prices for minerals and metals crucial for energy transitions have also sharply dropped, especially the metals required for batteries.

The annual World Energy Investment report has consistently warned of energy investment flow imbalances, particularly insufficient clean energy investments in EMDE outside China. There are tentative signs of a pick-up in these investments: in our assessment, clean energy investments are set to approach USD 320 billion in 2024, up by more 50% since 2020. This is similar to the growth seen in advanced economies (+50%), although trailing China (+75%). The gains primarily come from higher investments in renewable power, now representing half of all power sector investments in these economies. Progress in India, Brazil, parts of Southeast Asia and Africa reflects new policy initiatives, well-managed public tenders, and improved grid infrastructure. Africa’s clean energy investments in 2024, at over USD 40 billion, are nearly double those in 2020.

Yet much more needs to be done. In most cases, this growth comes from a very low base and many of the least-developed economies are being left behind (several face acute problems servicing high levels of debt). In 2024, the share of global clean energy investment in EMDE outside China is expected to remain around 15% of the total. Both in terms of volume and share, this is far below the amounts that are required to ensure full access to modern energy and to meet rising energy demand in a sustainable way.

Power sector investment in solar photovoltaic (PV) technology is projected to exceed USD 500 billion in 2024, surpassing all other generation sources combined. Though growth may moderate slightly in 2024 due to falling PV module prices, solar remains central to the power sector’s transformation. In 2023, each dollar invested in wind and solar PV yielded 2.5 times more energy output than a dollar spent on the same technologies a decade prior.

In 2015, the ratio of clean power to unabated fossil fuel power investments was roughly 2:1. In 2024, this ratio is set to reach 10:1. The rise in solar and wind deployment has driven wholesale prices down in some countries, occasionally below zero, particularly during peak periods of wind and solar generation. This lowers the potential for spot market earnings for producers and highlights the need for complementary investments in flexibility and storage capacity.

Investments in nuclear power are expected to pick up in 2024, with its share (9%) in clean power investments rising after two consecutive years of decline. Total investment in nuclear is projected to reach USD 80 billion in 2024, nearly double the 2018 level, which was the lowest point in a decade.

Grids have become a bottleneck for energy transitions, but investment is rising. After stagnating around USD 300 billion per year since 2015, spending is expected to hit USD 400 billion in 2024, driven by new policies and funding in Europe, the United States, China, and parts of Latin America. Advanced economies and China account for 80% of global grid spending. Investment in Latin America has almost doubled since 2021, notably in Colombia, Chile, and Brazil, where spending doubled in 2023 alone. However, investment remains worryingly low elsewhere.

Investments in battery storage are ramping up and are set to exceed USD 50 billion in 2024. But spending is highly concentrated. In 2023, for every dollar invested in battery storage in advanced economies and China, only one cent was invested in other EMDE.

Investment in energy efficiency and electrification in buildings and industry has been quite resilient, despite the economic headwinds. But most of the dynamism in the end-use sectors is coming from transport, where investment is set to reach new highs in 2024 (+8% compared to 2023), driven by strong electric vehicle (EV) sales.

The rise in clean energy spending is underpinned by emissions reduction goals, technological gains, energy security imperatives (particularly in the European Union), and an additional strategic element: major economies are deploying new industrial strategies to spur clean energy manufacturing and establish stronger market positions. Such policies can bring local benefits, although gaining a cost-competitive foothold in sectors with ample global capacity like solar PV can be challenging. Policy makers need to balance the costs and benefits of these programmes so that they increase the resilience of clean energy supply chains while maintaining gains from trade.

In the United States, investment in clean energy increases to an estimated more than USD 300 billion in 2024, 1.6 times the 2020 level and well ahead of the amount invested in fossil fuels. The European Union spends USD 370 billion on clean energy today, while China is set to spend almost USD 680 billion in 2024, supported by its large domestic market and rapid growth in the so-called “new three” industries: solar cells, lithium battery production and EV manufacturing.

Overall upstream oil and gas investment in 2024 is set to return to 2017 levels, but companies in the Middle East and Asia now account for a much larger share of the total

Change in upstream oil and gas investment by company type, 2017-2024, newly approved lng projects, led by the united states and qatar, bring a new wave of investment that could boost global lng export capacity by 50%, investment and cumulative capacity in lng liquefaction, 2015-2028, investment in fuel supply remains largely dominated by fossil fuels, although interest in low-emissions fuels is growing fast from a low base.

Upstream oil and gas investment is expected to increase by 7% in 2024 to reach USD 570 billion, following a 9% rise in 2023. This is being led by Middle East and Asian NOCs, which have increased their investments in oil and gas by over 50% since 2017, and which account for almost the entire rise in spending for 2023-2024.

Lower cost inflation means that the headline rise in spending results in an even larger rise in activity, by approximately 25% compared with 2022. Existing fields account for around 40% total oil and gas upstream investment, while another 33% goes to new fields and exploration. The remainder goes to tight oil and shale gas.

Most of the huge influx of cashflows to the oil and gas industry in 2022-2023 was either returned to shareholders, used to buy back shares or to pay down debt; these uses exceeded capital expenditure again in 2023. A surge in profits has also spurred a wave of mergers and acquisitions (M&A), especially among US shale companies, which represented 75% of M&A activity in 2023. Clean energy spending by oil and gas companies grew to around USD 30 billion in 2023 (of which just USD 1.5 billion was by NOCs), but this represents less than 4% of global capital investment on clean energy.

A significant wave of new investment is expected in LNG in the coming years as new liquefaction plants are built, primarily in the United States and Qatar. The concentration of projects looking to start operation in the second half of this decade could increase competition and raise costs for the limited number of specialised contractors in this area. For the moment, the prospect of ample gas supplies has not triggered a major reaction further down the value chain. The amount of new gas-fired power capacity being approved and coming online remains stable at around 50-60 GW per year.

Investment in coal has been rising steadily in recent years, and more than 50 GW of unabated coal-fired power generation was approved in 2023, the most since 2015, and almost all of this was in China.

Investment in low-emissions fuels is only 1.4% of the amount spent on fossil fuels (compared to about 0.5% a decade ago). There are some fast-growing areas. Investments in hydrogen electrolysers have risen to around USD 3 billion per year, although they remain constrained by uncertainty about demand and a lack of reliable offtakers. Investments in sustainable aviation fuels have reached USD 1 billion, while USD 800 million is going to direct air capture projects (a 140% increase from 2023). Some 20 commercial-scale carbon capture utilisation and storage (CCUS) projects in seven countries reached final investment decision (FID) in 2023; according to company announcements, another 110 capture facilities, transport and storage projects could do the same in 2024.

Energy investment decisions are primarily driven and financed by the private sector, but governments have essential direct and indirect roles in shaping capital flows

Sources of investment in the energy sector, average 2018-2023, sources of finance in the energy sector, average 2018-2023, households are emerging as important actors for consumer-facing clean energy investments, highlighting the importance of affordability and access to capital, change in energy investment volume by region and fuel category, 2016 versus 2023, market sentiment around sustainable finance is down from the high point in 2021, with lower levels of sustainable debt issuances and inflows into sustainable funds, sustainable debt issuances, 2020-2023, sustainable fund launches, 2020-2023, energy transitions are reshaping how energy investment decisions are made, and by whom.

This year’s World Energy Investment report contains new analysis on sources of investments and sources of finance, making a clear distinction between those making investment decisions (governments, often via state-owned enterprises (SOEs), private firms and households) and the institutions providing the capital (the public sector, commercial lenders, and development finance institutions) to finance these investments.

Overall, most investments in the energy sector are made by corporates, with firms accounting for the largest share of investments in both the fossil fuel and clean energy sectors. However, there are significant country-by-country variations: half of all energy investments in EMDE are made by governments or SOEs, compared with just 15% in advanced economies. Investments by state-owned enterprises come mainly from national oil companies, notably in the Middle East and Asia where they have risen substantially in recent years, and among some state-owned utilities. The financial sustainability, investment strategies and the ability for SOEs to attract private capital therefore become a central issue for secure and affordable transitions.

The share of total energy investments made or decided by private households (if not necessarily financed by them directly) has doubled from 9% in 2015 to 18% today, thanks to the combined growth in rooftop solar installations, investments in buildings efficiency and electric vehicle purchases. For the moment, these investments are mainly made by wealthier households – and well-designed policies are essential to making clean energy technologies more accessible to all . A comparison shows that households have contributed to more than 40% of the increase in investment in clean energy spending since 2016 – by far the largest share. It was particularly pronounced in advanced economies, where, because of strong policy support, households accounted for nearly 60% of the growth in energy investments.

Three quarters of global energy investments today are funded from private and commercial sources, and around 25% from public finance, and just 1% from national and international development finance institutions (DFIs).

Other financing options for energy transition have faced challenges and are focused on advanced economies. In 2023, sustainable debt issuances exceeded USD 1 trillion for the third consecutive year, but were still 25% below their 2021 peak, as rising coupon rates dampened issuers’ borrowing appetite. Market sentiment for sustainable finance is wavering, with flows to ESG funds decreasing in 2023, due to potential higher returns elsewhere and credibility concerns. Transition finance is emerging to mobilise capital for high-emitting sectors, but greater harmonisation and credible standards are required for these instruments to reach scale.

A secure and affordable transitioning away from fossil fuels requires a major rebalancing of investments

Investment change in 2023-2024, and additional average annual change in investment in the net zero scenario, 2023-2030, a doubling of investments to triple renewables capacity and a tripling of spending to double efficiency: a steep hill needs climbing to keep 1.5°c within reach, investments in renewables, grids and battery storage in the net zero emissions by 2050 scenario, historical versus 2030, investments in end-use sectors in the net zero emissions by 2050 scenario, historical versus 2030, meeting cop28 goals requires a doubling of clean energy investment by 2030 worldwide, and a quadrupling in emde outside china, investments in renewables, grids, batteries and end use in the net zero emissions by 2050 scenario, 2024 and 2030, mobilising additional, affordable financing is the key to a safer and more sustainable future, breakdown of dfi financing by instrument, currency, technology and region, average 2019-2022, much greater efforts are needed to get on track to meet energy & climate goals, including those agreed at cop28.

Today’s investment trends are not aligned with the levels necessary for the world to have a chance of limiting global warming to 1.5°C above pre-industrial levels and to achieve the interim goals agreed at COP28. The current momentum behind renewable power is impressive, and if the current spending trend continues, it would cover approximately two-thirds of the total investment needed to triple renewable capacity by 2030. But an extra USD 500 billion per year is required in the IEA’s Net Zero Emissions by 2050 Scenario (NZE Scenario) to fill the gap completely (including spending for grids and battery storage). This equates to a doubling of current annual spending on renewable power generation, grids, and storage in 2030, in order to triple renewable capacity.

The goal of doubling the pace of energy efficiency improvement requires an even greater additional effort. While investment in the electrification of transport is relatively strong and brings important efficiency gains, investment in other efficiency measures – notably building retrofits – is well below where it needs to be: efficiency investments in buildings fell in 2023 and are expected to decline further in 2024. A tripling in the current annual rate of spending on efficiency and electrification – to about USD 1.9 trillion in 2030 – is needed to double the rate of energy efficiency improvements.

Anticipated oil and gas investment in 2024 is broadly in line with the level of investment required in 2030 in the Stated Policies Scenario, a scenario which sees oil and natural gas demand levelling off before 2030. However, global spare oil production capacity is already close to 6 million barrels per day (excluding Iran and Russia) and there is a shift expected in the coming years towards a buyers’ market for LNG. Against this backdrop, the risk of over-investment would be strong if the world moves swiftly to meet the net zero pledges and climate goals in the Announced Pledges Scenario (APS) and the NZE Scenario.

The NZE Scenario sees a major rebalancing of investments in fuel supply, away from fossil fuels and towards low-emissions fuels, such as bioenergy and low-emissions hydrogen, as well as CCUS. Achieving net zero emissions globally by 2050 would mean annual investment in oil, gas, and coal falls by more than half, from just over USD 1 trillion in 2024 to below USD 450 billion per year in 2030, while spending on low-emissions fuels increases tenfold, to about USD 200 billion in 2030 from just under USD 20 billion today.

The required increase in clean energy investments in the NZE Scenario is particularly steep in many emerging and developing economies. The cost of capital remains one of the largest barriers to investment in clean energy projects and infrastructure in many EMDE, with financing costs at least twice as high as in advanced economies as well as China. Macroeconomic and country-specific factors are the major contributors to the high cost of capital for clean energy projects, but so, too, are risks specific to the energy sector. Alongside actions by national policy makers, enhanced support from DFIs can play a major role in lowering financing costs and bringing in much larger volumes of private capital.

Targeted concessional support is particularly important for the least-developed countries that will otherwise struggle to access adequate capital. Our analysis shows cumulative financing for energy projects by DFIs was USD 470 billion between 2013 and 2021, with China-based DFIs accounting for slightly over half of the total. There was a significant reduction in financing for fossil fuel projects over this period, largely because of reduced Chinese support. However, this was not accompanied by a surge in support for clean energy projects. DFI support was provided almost exclusively (more than 90%) as debt (not all concessional) with only about 3% reported as equity financing and about 6% as grants. This debt was provided in hard currency or in the currency of donors, with almost no local-currency financing being reported.

The lack of local-currency lending pushes up borrowing costs and in many cases is the primary reason behind the much higher cost of capital in EMDE compared to advanced economies. High hedging costs often make this financing unaffordable to many of the least-developed countries and raises questions of debt sustainability. More attention is needed from DFIs to focus interventions on project de-risking that can mobilise much higher multiples of private capital.

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• Open access
• Published: 17 June 2024

Investigation of alveolar osteitis and the effectiveness of laser treatment: a unified Meta-analysis and review of the literature

• Alessio Rosa 1 ,
• Alberto Maria Pujia 2 &
• Claudio Arcuri 3  

BMC Oral Health volume  24 , Article number:  700 ( 2024 ) Cite this article

82 Accesses

Metrics details

Post-tooth extraction, dry socket is a frequently encountered complication, causing substantial pain and hindering the healing process. Conventional approaches to manage this condition have traditionally involved the use of antiseptic dressings to diminish bacterial presence and facilitate healing. This study aims to assess the efficacy of laser therapy in the symptomatic treatment of alveolitis.

A literature search was conducted on PubMed, Embase, Scopus, Google Scholar, Web of Science, focusing on publications from 1998 to 31/01/2024 using relevant keywords. The combination of “laser” and “dry socket” was executed through the boolean connection AND.

At the conclusion of the study, a total of 50 studies were identified across the three search engines, with only three selected for the current systematic study and meta-analysis. The meta-analysis indicated that laser treatment proves effective in addressing alveolitis compared to Alvogyl. However, the correlation between the two was not highly significant.

These findings suggest that laser therapy may serve as a viable alternative to traditional treatments for dry socket. This minimally invasive procedure has the potential to alleviate pain and promote healing with fewer associated side effects.”

Peer Review reports

Introduction

Dry socket frequently arises following tooth extraction, causing intense pain and hindering the healing process [ 1 ]. Traditional treatments for this condition have relied on antiseptic dressings to mitigate bacteria and promote healing. Recent research suggests that laser therapy, a minimally invasive procedure, could serve as an effective alternative to conventional dry socket treatments [ 1 ].

Tooth extraction is a common dental procedure that can lead to the postoperative complication known as dry socket, occurring when the prematurely lost blood clot after extraction results in severe pain, delayed healing, and infection [ 1 , 2 ]. Conventional treatments involve antiseptic dressings, such as those with chlorhexidine and eugenol, with some disagreement on the ideal therapeutic protocol. Laser treatment has emerged as a recent alternative, utilizing low-level lasers to reduce inflammation, enhance wound healing, and alleviate pain in a relatively painless, single-session procedure [ 2 ].

A study comparing laser treatment and antiseptic dressings in treating dry socket included 60 patients who underwent tooth extraction. The laser treatment group experienced significantly less pain, faster healing, and fewer side effects compared to the antiseptic dressing group. Low-level laser therapy (LLLT) has gained recognition for its positive impact on inflammatory processes, wound healing, and antimicrobial effects when applied to oral mucosa [ 3 ].

The SaliCept patch, a freeze-dried acemannan hydrogel preparation, represents another recent treatment option. Acemannan, derived from Aloe vera L., is the main component with known antimicrobial properties. This review aims to assess the effects of laser therapy on post-extraction alveolitis, a common complication of surgical extractions [ 4 ].

Materials and methods

Criteria for inclusion and exclusion.

We assessed the eligibility of each document based on the Population, Exposure, Comparator, and Outcomes (PECO) model, considering the following parameters:

(P) Participants: Individuals who have undergone extraction and are experiencing dry socket. (E) Exposure: Patients with alveolar osteitis (AO) undergoing laser therapy. (C) Comparison: Patients with AO undergoing various forms of therapy. (O) Outcome: The primary objective is to evaluate the efficacy of laser treatment in patients with AO, with a secondary focus on its preventive effectiveness.

Inclusion Criteria:

Articles written in English.

Clinical trials with laser treatment.

Randomized clinical trials with laser treatment.

Exclusion Criteria:

Non-PECO articles.

Duplicate articles.

Letters to editors and experimental studies.

Non-English language studies.

Studies involving animals.

Radiochemotherapy patients.

Review articles.

Case series.

Case reports.

Patients with systemic diseases.

Search methodology

To identify relevant publications, we systematically searched the PubMed, Web of Science, and Lilacs databases for articles published from January 1998 to 31/01/2024. Additionally, manual searches were conducted for systematic reviews on the same topic from previous periods. The following scientific sources were analysed: Pubmed, Scopus, Web of Science, Google Scholar, Embase. MeSH phrases were applied in PubMed, while manual searches compensated for their absence in other search engines (Table  1 ).

Study characteristics

Upon concluding the study and utilizing the three search engines, a total of 50 studies were identified. At the initial phase, 13 items were excluded due to duplication, and an additional 5 were disqualified based on language barriers. During the initial screening, 27 articles were eliminated as they were systematic reviews, not meeting the inclusion criteria. A specific filter was applied to include only randomized clinical trials. The final screening involved assessing the abstracts of five publications.

The creation of the present systematic study adhered to the PRISMA 2020 flowchart (Fig.  1 ), resulting in the selection of three studies. Two articles were excluded: one did not align with the PECO criteria, and another addressed AO incidence without a control group. Papers were initially screened based on the PECO model, and three articles were identified through search engines. A manual search from bibliographies and websites was also conducted, leading to the selection of 24 articles. However, after reviewing their abstracts, some were excluded for not meeting the PECO criteria or being duplicates.

Prisma flowchart

The selected studies in this meta-analysis span from 2009 to 2024. Abstracts were thoroughly read, and groups comparing Alvogyl and laser were considered, while those involving mechanical therapy were excluded from the meta-analysis. Notably, the studies exhibit heterogeneity as they do not uniformly consider laser power and setting. All studies utilized the VAS scale to assess post-alveolitis pain. The research was conducted across different regions globally, including Arabia, Iran, and the USA, involving a total of 119 subjects. Among them, 60 were in the study group evaluating laser efficacy, and 59 were in the control group treated with Alvogyl. All studies followed a randomized controlled trial (RCT) design, ensuring two or more groups. Pain scale assessments were consistently conducted after 3 days across all studies to maintain study homogeneity.

Data Retrieval

Two reviewers (A.R. and A.P.) independently collected information from the included papers using a customized data extraction process on an Excel spreadsheet. In case of disagreements, a third reviewer (C.A.) facilitated reaching a consensus. Extracted information included: (1) First author; (2) Year of publication; (3) Sample; (4) Therapy Type; (5) Pain Assessment; and (6) Therapy Results. Table  2 now incorporates the extracted and added data. Two authors independently read all publications, and the data were cross-referenced and appropriately placed in the table.

Statistical analysis

Pooled analyses were conducted using Review Manager version 5.2.8 (Cochrane Collaboration, Copenhagen, Denmark; 2014). Alvogyl therapies combined with curettage were compared to laser therapy in treating alveolar osteitis (AO). Inverse variance with random effects was employed for comparing different therapies [ 5 ]. The Risk ratio between the two groups was measured. Study heterogeneity was assessed using the Higgins Index (I2) and the chi-square test, categorized as follows: low heterogeneity (< 30%), medium heterogeneity (30–60%), and high heterogeneity (> 60%).

Quality assessment and risk of bias

RoB 2 was used to determine the risk of bias, which is shown in Fig.  2 . All of the studies ensured a minimal risk of bias with regard to the randomization process. However, bias in the choice of reported outcomes was adequately removed in 100% of the included research, but only in 75% of the studies for self-reported outcomes. Though 100% of the studies reported complete outcome data, 75% of them eliminated performance bias. Overall, it was found that all 3 investigations had a low likelihood of bias.

Risk-of-bias domains of included studies

Main findings

The AlHarthi study [ 6 ] focuses on evaluating the pain outcomes using different treatments for alveolar osteitis, commonly known as dry socket. This study is particularly noteworthy as it is the first to assess the combined effect of Alvogyl and photobiomodulation therapy (PBMT) on post-operative pain. Participants were divided into four groups: the first received basic mechanical curettage with saline, the second added Alvogyl dressings to the curettage, the third combined Alvogyl with diode laser therapy, and the fourth used PBMT alone. The study found that the group using Alvogyl with diode laser reported lower pain scores compared to those using Alvogyl alone or PBMT alone, especially on the second and third days post-operation. In Kaya’s study [ 3 ], the effectiveness of different treatments for alveolar osteitis was compared among 104 patients. These treatments included curettage and irrigation alone, the combination of curettage with Alvogyl, the application of a SaliCept patch, and diode laser treatment. The results indicated that the diode laser treatment group experienced better outcomes in managing symptoms of alveolar osteitis compared to the other groups, particularly those using Alvogyl or the SaliCept patch. Lastly, Eshghpour’s research [ 7 ] examined the effectiveness of low-level laser therapy (LLLT) in the form of red and infrared lasers compared to Alvogyl in treating alveolar osteitis. The study involved three groups: one received Alvogyl after socket irrigation, the second was treated with low-power red laser, and the third with low-power infrared laser. The findings highlighted that initially, the Alvogyl group experienced significantly less pain than the laser groups. However, over time, the red laser group showed a more significant reduction in pain, particularly on the second and third days.

Metanalysis

The meta-analysis was conducted by random model effect because of the high heterogeneity ( I 2 = 100%) between the 3 included studies [ 8 , 9 , 10 ]. The overall effect, reported in the forest plot (Fig.  3 ), the Forrest plot found that laser therapy has a higher efficacy on the third day on pain (Mean difference − 0.61; CI 95% from − 1.54 to 0.32) with a p -value < 0.05.

Forest plot of the meta-analysis

This review compared various treatments for alveolitis, focusing on three studies that employed Alvogyl and laser application for alveolitis treatment. However, the meta-analysis revealed high heterogeneity, rendering the results unreliable. To enhance homogeneity, the analysis focused on pain assessment using the VAS scale three days after treatment application [ 3 , 11 ].

Dry socket, affecting up to 10% of post-extraction patients, is associated with severe postsurgical pain. Apart from causing pain, alveolar osteitis (AO) can induce negative psychological impacts, including financial burdens, dental anxiety, and fear of future dental procedures [ 12 , 13 ]. Alvogyl aids in AO healing, and the current study hypothesized that combining Alvogyl with PBMT is more effective in reducing self-rated post-operative pain than other treatments. Studies suggest that PBMT triggers biochemical mechanisms promoting tissue healing, increases the expression of analgesic facilitator prostatic acid phosphatase, and potentially reduces pain awareness [ 14 , 15 ].

Healing in AO treatment is palliative, typically occurring within 1 to 4 weeks postoperatively. Regardless of the technique used, cleaning and irrigating the extraction socket to remove debris and germs from the denuded bone is crucial [ 6 ]. Even patients receiving only curettage and irrigation showed symptomatic improvement, emphasizing the significance of this procedure. Dressing the extraction socket with materials like Alvogyl [ 3 ] prevents debris buildup, relieves pain, accelerates healing, and prevents odor, highlighting its importance. Dressing ingredients, such as eugenol in Alvogyl, may contribute to anti-inflammatory and analgesic effects [ 16 , 17 ].

Pain management in AO has utilized LLLT, which may help reduce inflammation and enhance wound healing. However, clinical evidence supporting the superiority of one technique over another is lacking. A study by Kaya et al. found acemannan to be a successful palliative treatment for AO [ 3 ], but LLLT led to faster VAS score reductions post-treatment [ 3 , 18 ].

Eshghpour’s study [ 7 ] examined three groups. The Alvogyl group experienced reduced pain, while the 660 nm laser group showed consistent pain reduction, and the 810 nm diode laser group demonstrated effective pain reduction over three days. Alvogyl appeared to reduce pain more quickly than LLLT, but the 660 nm laser eventually surpassed Alvogyl initial advantage [ 3 , 7 , 19 , 20 ].

The healing process was accelerated by both red and infrared lasers [ 3 ]. PBM Therapy significantly decreased the risk of developing AO in the first postoperative week, indicating its preventive potential. While Alvogyl may provide quick relief for post-alveolitis pain, laser treatment emerges as a helpful and user-friendly option for both pain prevention and treatment [ 3 , 21 , 22 , 23 ].

In conclusion, the findings suggest that laser treatment could be an effective alternative to conventional dry socket treatments, offering minimally invasive relief from pain and promoting healing with fewer side effects. However, further research is needed to assess the long-term efficacy of laser treatment for drysocket [ 20 , 24 , 25 ].

Data availability

The data from the present study can be obtained upon reasonable request from the corresponding author.

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Author Contributions: Conceptualization, A.R. and C.A.; methodology, A.R.; software, A.R.; validation, P.M.A., A.C., and C.A.; formal analysis, C.A.; investigation, C.A.; resources, P.M.A.; data curation, A.C.; writing—original draft preparation, A.R.; writing—review and editing, R.A.; visualization, P.M.A.; supervision, A.C.; project administration, A.C. All authors have read and agreed to the published version of the manuscript.

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Rosa, A., Pujia, A.M. & Arcuri, C. Investigation of alveolar osteitis and the effectiveness of laser treatment: a unified Meta-analysis and review of the literature. BMC Oral Health 24 , 700 (2024). https://doi.org/10.1186/s12903-024-04461-w

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Scaffold application for bone regeneration with stem cells in dentistry: literature review.

1. Background

2. scaffold application in bone regeneration with stem cells, 3. exploring diverse scaffold varieties: unveiling properties and efficacy in fostering bone regeneration, 4. the role of stem cells in enhancing the bone regeneration process, 5. general advantages and disadvantages of scaffold application for bone regeneration with stem cells in dentistry, 6. current clinical applications, 7. future potential, 8. main challenges, 9. new alternative creative methods for regenerating bone tissue, 10. conclusions and suggestions.

• It is advised to carry out further research on different kinds of oral and dental surgical procedures or other degenerative issues.
• Replacing stem cells with other compounds that promote regeneration when used with scaffolds.
• A variety of significant factors, such as growth factors, angiogenic factors inhibitors, insulin-like growth factor (ILGF), vascular endothelial growth factor (VEGF), epidermal growth factor (EGF), and others, can be studied in conjunction with the primary scaffold to influence the enhancement of tissue regeneration or function similarly to stem cells.
• The study group could be different. It is possible to study human cases, but it is time-consuming and legally complex.
• It is advised that a similar study be conducted in orthopedics or another area where bone degeneration results from congenital or pathological conditions, based on the scaffold influence on bone regeneration.
• According to scaffolds’ impact on regeneration enhancement, it could be investigated for use in postponing the aging process.

Author Contributions

Institutional review board statement, informed consent statement, data availability statement, conflicts of interest.

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Saberian, E.; Jenča, A.; Zafari, Y.; Jenča, A.; Petrášová, A.; Zare-Zardini, H.; Jenčová, J. Scaffold Application for Bone Regeneration with Stem Cells in Dentistry: Literature Review. Cells 2024 , 13 , 1065. https://doi.org/10.3390/cells13121065

Saberian E, Jenča A, Zafari Y, Jenča A, Petrášová A, Zare-Zardini H, Jenčová J. Scaffold Application for Bone Regeneration with Stem Cells in Dentistry: Literature Review. Cells . 2024; 13(12):1065. https://doi.org/10.3390/cells13121065

Saberian, Elham, Andrej Jenča, Yaser Zafari, Andrej Jenča, Adriána Petrášová, Hadi Zare-Zardini, and Janka Jenčová. 2024. "Scaffold Application for Bone Regeneration with Stem Cells in Dentistry: Literature Review" Cells 13, no. 12: 1065. https://doi.org/10.3390/cells13121065

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