G7 Finance Ministers Let Big Oil Off the Hook Again

On Monday and Tuesday, Paris hosted the G7 Finance Ministers’ meeting, bringing together finance ministers and central bank governors from some of the world’s most powerful economies, alongside counterparts from Brazil, India, Kenya, South Korea, Ukraine, Syria, Qatar and the United Arab Emirates. But behind the diplomatic pageantry,and despite the G7’s call for innovative financial instruments to urgently address overlapping crises,French host Roland Lescure squandered a major opportunity.

While fossil fuel companies raked in billions in profits in the first quarter of 2026 amid the South-West Asia conflict, campaigners at 350.org condemn the French G7 presidency’s glaring inaction on windfall and excess profits taxes targeting the oil and gas industry.

Fanny Petitbon, 350 France Country Manager, said:

“France has built its G7 presidency on the bold promise to use this forum as a lever to reinforce economic security in times of crisis and to respond to the legitimate concerns of citizens. But fine words ring hollow. When it comes to taxing the obscene profits recently made by oil and gas corporations, Paris chose complete silence. Not a single word appeared in the final communiqué.

Once again, the interests of a powerful minority are being protected. Companies like TotalEnergies, which boast of their so-called foresight while doing little more than speculating on war and human suffering, have cashed in billions,while families around the world pay the price at the pump and on their energy bills.

The G7’s initiative to expand insurance coverage for people and countries experiencing extreme weather events is welcome. But without turning off the fossil fuel tap and forcing the biggest polluters to foot the bill, climate finance risks becoming little more than taxpayers cleaning up a mess that oil giants are still being paid to create.

President Macron has positioned himself as a global leader on climate and economic justice. Yet this silence tells a very different story. Is this really the legacy he wants to leave in his final G7 presidency? The Leaders' Summit, to be held in Évian from June 15 to 17, is the last chance to course-correct and finally choose people over profit.”