A look back at the key trends in the project, energy and infrastructure market in 2022, and a look ahead to what will shape 2023.

For many market participants, 2022 might feel like the long-awaited vindication of a decade of warnings. Low debt costs now look like they were not sustainable. Developed countries possibly did not invest enough in energy security. Decarbonising the world's energy networks will require unprecedented amounts of capital. War, terrorism and expropriation are still very real risks.

But this year certainly had a capacity to surprise. Old risks met new risks, and governments, lenders, strategic sponsors and financial sponsors had to work out how to allocate - and price - them sensibly. It will not be an easy period in time to summarise, and the future is as cloudy as ever. But someone has to try.

So, for the fourth year in a row, Proximo will gather its group of regulars and try and highlight the most important trends of the last year, and the most promising ones for the year to come.

Proximo supplies eight trends that it thinks are significant, and then in three rounds, asks its guests to pick the most important ones. Each trend can only be picked once. Guests can pick from that list, or for one round only they can introduce their own trend.

The guest line-up is:

Tom Nelthorpe, contributing editor, Proximo

Michael Whalen, managing director, Berkeley Research Group

Ian Cogswell, senior advisor, Portland Advisers, and founder, CCC Training

Jonathan Yellen, investment director, OGCI Climate Investments