In 2022, wind and solar were the EU's top electricity sources for the first time ever. This came against a backdrop of a series of crises created by the "restrictions on Russian gas supplies, a dip in hydro caused by drought and unexpected nuclear outages". This encouraged increased wind and solar projects to pick up the burden for Europe's energy needs and, therefore, required increased investment. 

With an expected growth of wind and solar projected to continue this year "fossil fuel power generation could drop by an unprecedented 20% in 2023 – double the previous record observed in 2020, the analysis projects", according to the climate thinktank Ember.

The energy crisis that Europe has faced in the last year has inadvertently sped up the energy transition. In this context, there will be increased inflows of investment allocated towards the infrastructure that will help us transition away from a reliance of fossil fuels and towards a renewable, greener future.