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Climate Group Says Rich Nations 'Must Tax Fossil Fuel Windfall Profits' Tied to Iran War
"If G7 countries are serious about stabilizing the market, they need to stop protecting profits and start taxing companies which fuel the climate crisis."
Mar 10, 2026
Campaigners with the global climate movement 350.org argued Tuesday that Group of Seven countries "must tax fossil fuel windfall profits" from price hikes related to the US-Israeli war on Iran.
"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," said the group's global campaigns manager, Clémence Dubois, in a statement. "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."
In addition to the US, the G7 includes Canada, France, Germany, Italy, Japan, and the United Kingdom. Dubois declared that they all "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," she stressed, just days after new research revealed that the pace of global heating from fossil fuels has accelerated over the past decade.
While advocates have long called for taxing oil and gas companies to pay for a swift transition to clean power and the impacts of the climate emergency on communities around the world, the Trump administration and Israel's assault on Iran has generated fresh demands for an urgent transition away from dirty energy.
The US and Israel have bombarded civilian infrastructure, including Iranian oil facilities, sending clouds of smoke and black droplets falling over Tehran. Iran has threatened to fire upon ships crossing through the Strait of Hormuz, a crucial pathway for both oil and liquefied natural gas (LNG) between the Persian Gulf and the Gulf of Oman.
The shutdown of both the key waterway and Qatari liquefied natural gas facilities damaged by Iranian attacks has sent oil prices soaring and led to estimates that US LNG companies could soon see $20 billion in monthly windfall profits, as they direct exports to the highest bidders.
As Politico reported: "News early Monday that the United States and other G7 countries were discussing a possible coordinated release of oil from their strategic petroleum reserves halted a panic-driven market spike that briefly pushed US oil to nearly $120 a barrel overnight. The French government later in the morning walked that back, saying the G7 was 'not there yet' as far as tapping oil stockpiles."
Speaking in Cyprus on Monday, French President Emmanuel Macron said that "we are in the process of setting up a purely defensive, purely escort mission, which must be prepared together with both European and non-European states, and whose purpose is to enable, as soon as possible after the most intense phase of the conflict has ended, the escort of container ships and tankers to gradually reopen the Strait of Hormuz."
Meanwhile, Fanny Petitbon, 350's France country manager, said Tuesday that "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," Petitbon asserted. "The French government, as president of the G7, must also confront the elephant in the room—the urgent phaseout of fossil fuels. It can no longer look away from the reality, which is that we cannot stay addicted to oil and gas."
Among the countries significantly impacted by the Strait of Hormuz closure is Japan, which relies on the route for around 70% of its oil and 6% of its LNG imports, according to Reuters. Masayoshi Iyoda, a 350 campaigner for the country, said that "Prime Minister Sanae Takaichi has moved to calm fears over rising energy and food prices, but reassurances and stopgap 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," Iyoda continued, before looking toward Takaichi's planned meeting with US President Donald Trump next week.
"We urge her to reconsider Japan's alignment with the Trump administration's fossil fuel agenda," the campaigner said. "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."
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G7 Leaders Blasted for 'Morally Indefensible' Failure on Crises of War, Poverty, and Climate
Amid interlocking catastrophes, the world's wealthiest and most powerful nations were told they "cannot retreat and hide."
Jun 18, 2025
The Group of Seven Leaders' Summit concluded in Canada on Tuesday with joint statements on artificial intelligence, critical minerals supply chains, foreign interference, quantum innovation, transnational crime, and wildfires, but campaigners called out attendees for failing to "take collective action to end conflicts, address climate change, and reduce poverty and inequality."
Although U.S. President Donald Trump bailed early, representatives from the other G7 member countries—Canada, France, Germany, Italy, Japan, and the United Kingdom—and the European Union gathered in Kananaskis, Alberta from Sunday to Tuesday, with appearances by Ukrainian President Volodymyr Zelenskyy and NATO Secretary General Mark Rutte.
"The summit fell short of delivering the leadership the world needs," the global advocacy group Oxfam said in a lengthy statement after the meeting ended. "Nowhere was this more apparent than in how this G7 totally missed its chance to exert any meaningful pressure toward peace in the Middle East."
"Even its call for a de-escalation between Israel and Iran, which is desperately needed, was corrupted by geo-political partiality and bias," the group continued, calling for "an immediate end to hostilities in the region," including "Israel's relentless assault on Gaza."
"With a planned 28% reduction by 2026 compared to 2024, these cuts are not just a policy failure but put the lives of millions of people at risk, especially those already facing hunger, poverty, and ever-worsening effects of climate change."
Unlike the 2002 G8 Summit in Kananaskis, "where leaders committed to an Africa Action Plan and development cooperation," G7 leaders are now "pursuing the largest aid cuts in its history," Oxfam also noted. "With a planned 28% reduction by 2026 compared to 2024, these cuts are not just a policy failure but put the lives of millions of people at risk, especially those already facing hunger, poverty, and ever-worsening effects of climate change."
"In a world grappling with war, rising inequality, food insecurity, and climate breakdown," Oxfam declared, "the G7's retreat from responsibility is not only morally indefensible but also strategically short-sighted."
Climate campaigners also took aim at summit attendees, with Greenpeace International's Tracy Carty saying Tuesday that "as G7 leaders grapple with how to de-escalate multiple conflicts they can ill afford to ignore another threat to global stability—the worsening climate emergency."
"But even before the latest intensification in the Middle East, the climate had already been sidelined, as the G7—under Canada's leadership—tiptoed around Trump's climate denialism," Carty continued. "The leaders of these nations—among the most responsible for global emissions—cannot retreat and hide."
"The G7 must urgently work towards bold action to cut emissions, hold the fossil fuel industry accountable, and ensure big polluters pay their fair share for the climate damage already unfolding across the globe," she asserted.
Her colleague at Greenpeace Canada, Keith Stewart, pointed out that "Canada is literally a country on fire, but despite wanting to discuss an improved joint response to wildfires, it allowed the summit to end with a statement on the issue that included no mention of tackling the climate crisis fueling the latest disaster."
📣This year's #G7Summit ended with clean energy & fossil fuel subsidy reform missing from final statements. Climate received only a passing reference in the Chair’s statement.IISD's @patriciafuller.bsky.social stresses previous climate commitments remain on the books. 👇 www.iisd.org/articles/sta...
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— IISD Energy (@energy.iisd.org) June 17, 2025 at 9:49 PM
Amara Possian, 350.org's Canada team lead, targeted Liberal Prime Minister Mark Carney, arguing that "as one of the world's richest, most polluting countries, Canada has a responsibility to lead on climate justice" and he "should use the G7 presidency to raise the bar."
Specifically, "to do our fair share, Canada must triple climate finance through grants, cancel Global South debt, make polluters and billionaires pay, and end trade rules that block climate action," Possian said. "This is a defining test of Canada's commitment to long-term security and prosperity."
350.org leaders from Japan, the United States, Europe, and Latin America and the Caribbean also took aim at G7 leaders who "missed a crucial opportunity to lead on climate and to stand up against fossil fuel interests and the Trump administration."
U.S. senior policy analyst JL Andrepont said that "Trump's early exit from the G7 summit in Canada is part of a continued effort to remove our leadership and commitments from the world stage. We cannot move forward quickly enough on the needed clean, just energy transition with a U.S. government hostile to the very concept of the climate crisis and the readily available tools necessary to fight it—justly sourced and implemented, low-cost wind and solar."
"The rest of the planet must step forward in our absence to keep the fight to end the fossil fuel era going," Andrepont added. "Unfortunately, G7 leaders followed in Trump's footsteps and ended the meeting pretending climate change doesn't exist. Our people and our planet deserve better."
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Trump Call for Evacuation of Tehran—A City of 10 Million—Denounced as 'Terroristic' Threat
"It's like telling the entire country of Sweden to evacuate," said one scholar.
Jun 17, 2025
U.S. President Donald Trump's social media post urging residents of Tehran to evacuate "immediately"—a call shared online at 2:00 am local time—intensified chaos in the densely populated Iranian capital amid Israel's deadly bombing campaign.
"Everyone should immediately evacuate Tehran!" Trump wrote on his social media platform as Israel's war on Iran entered its fifth day.
Video footage that emerged in the wake of Trump's post showed a highway full of traffic as Iranians attempted to flee Israel's onslaught, which has killed or injured more than a thousand people so far. There have also been reports of long lines at gas stations, some of which have been forced to close after running out of fuel.
"They should've done the deal." President Donald Trump called for the evacuation of Iran's capital of Tehran after Israeli attacks on the country sent the region into conflict and uncertainty. pic.twitter.com/sjnFRVEcFN
— USA TODAY Politics (@usatodayDC) June 17, 2025
The Lemkin Institute for Genocide Prevention was among those condemning Trump's evacuation call for Tehran, denouncing it as a "terroristic" social media threat "unbecoming of a head of state." Tehran is home to around 10 million people, roughly equal to the population size of Israel.
"President Trump should be ashamed for being the lapdog of genocidaire and petty dictator Benjamin Netanyahu, prime minister of Israel, and for following in the obsequious footsteps of former U.S. President Joe Biden," the Lemkin Institute said in a statement. "We call on President Trump to deescalate the situation immediately by pulling the Israeli PM back from this war of aggression and by pursuing a robust and truly independent U.S. foreign policy in the Middle East."
Assal Rad, a Middle East scholar and fellow at Arab Center Washington DC, asked, "Where are 10,000,000 people supposed to evacuate to?"
"It's like telling the entire country of Sweden to evacuate," Rad wrote on social media. "Even if that was possible and they all had places to go, the traffic is not moving and gas is scarce. Even if they could all get out, what are they coming back to?"
Following his social media post, Trump signed a joint statement with other Group of Seven leaders calling for a "resolution of the Iranian crisis" that "leads to a broader deescalaton of hostilities in the Middle East, including a cease-fire in Gaza."
The Washington Post reported that Trump initially declined to sign the G7 statement "but reversed his position following discussions with other leaders in the group and changes to the initial draft."
An unnamed U.S. official would not tell the Post what specific changes secured Trump's backing, but the final "statement omitted language that called for both Iran and Israel 'to show restraint,' which appeared in an earlier draft of the agreement."
Trump left the G7 summit in Canada early, soon after calling for the evacuation of Tehran. The National Iranian American Council expressed hope that the president's evacuation message "does not mean an unauthorized U.S. entry into the war, or that he has knowledge of further depraved attacks from Israel."
Trump is planning to hold a meeting on Iran in the White House Situation Room with his national security team on Tuesday, Axios reported, as congressional opposition to deeper U.S. involvement in the war grows.
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