Fossil Fuels Are Here To Stay: Prashant Ruia On The Real Energy Transition

At BT Davos 2026, Prashant Ruia, Chief Executive of Essar Group, delivers a grounded perspective on the global energy transition, challenging the belief that fossil fuels can be rapidly replaced by green alternatives. In conversation with Siddharth Zarabi, Group Editor, Business Today, Ruia explains why energy policy must be driven by economic viability rather than ideology. Drawing on examples from India, China, Europe and the United States, he argues that renewables will scale only where they make commercial sense — and that fossil fuels will remain part of the global energy mix for decades. Highlighting Essar’s launch of electric and LNG trucks in India without subsidies, Ruia makes the case for a pragmatic, market-led transition. Watch this insightful discussion Inside India’s Investment Story from Davos 2026.