G7 countries were on Tuesday, March 10, 2026, urged to enact a windfall tax or tax on the excess profits of oil and gas companies benefiting from price surges following the Iran war.
350.org made the demand after G7 finance ministers said it was studying “necessary measures” to address the war’s economic impacts, including the release of emergency oil reserves.
In 2022, the UK government imposed a 25% levy on carbon majors to help ease the prices of oil and gas following a surge driven by the Ukraine war, raising £3.6 billion in two years.
Such revenues from a windfall tax can be used as an immediate buffer to protect families from price surges, as well as fund long-term, homegrown renewable energy solutions.
Fanny Petitbon, 350.org France Country Manager, said: “Releasing emergency oil reserves is just a band-aid on a gaping wound. If G7 countries are serious about stabilizing the market, they need to stop protecting profits and start taxing companies which fuel the climate crisis. Working people shouldn’t be paying the price while oil majors treat the war in the Middle East like a winning lottery ticket. We need the G7 to step up and establish a windfall tax now to put those profits back into the pockets of the people.
“The French government, as president of the G7, must also confront the elephant in the room, the urgent phase-out of fossil fuels. It can no longer look away from the reality which is that we cannot stay addicted to oil and gas.”
Clémence Dubois, 350.org Global Campaigns Manager, said: “Wars expose a deep flaw in our energy system: when prices spike, fossil fuel companies stand ready to cash in while households and businesses struggle. That’s not just market volatility, it’s the result of governments allowing fossil fuel companies to keep the power to shape the energy system and pass the costs onto everyone else.
“G7 governments must stop reinforcing this model with fossil fuel tax cuts that only inflate corporate earnings. Cutting fossil fuel taxes during a crisis is not a relief for families, it’s a subsidy for companies that are already enjoying windfall profits.
“The right response is a strong windfall tax, which should be redirected to support households and accelerate the transition to clean energy that reduces our dependence on the very fuels driving both climate disruption and global instability.”
Masayoshi Iyoda, 350.org Japan Campaigner, said: “Most of Japan’s oil imports pass through the Strait of Hormuz, making Japan acutely exposed to fossil fuel price shocks. Prime Minister Sanae Takaichi has moved to calm fears over rising energy and food prices, but reassurances and stop-gap measures like releasing oil reserves are not enough. Fossil fuel companies are cashing in on this crisis. A windfall tax on polluting industries would make them pay by taking responsibility, not ordinary families already stretched by years of stagnant wages and price surges due to climate impacts.
“When PM Takaichi meets US President Trump next week, we urge her to reconsider Japan’s alignment with the Trump administration’s fossil fuel agenda. The attack on Iran has shown, once again, how that agenda means prosperity for oil and gas corporations, and higher bills for everyone else. Accelerating a just transition to renewable energy and phasing out fossil fuels is Japan’s best option to secure affordable and sustainable energy based on democracy and peace.”