The climate advocacy group 350.org has called on G7 countries to impose a windfall tax on companies that benefit from rising oil and gas prices amid the ongoing war in Iran.

‎The group made the call in a statement on Tuesday after G7 finance ministers said they were studying “necessary measures” to address the war’s economic impacts on affected territories, including the release of emergency oil reserves.

‎In reference to the aim of the taxing demand, 350.org said it would help ease the prices of oil and gas in a war-affected environment.

‎”In 2022, the UK government imposed a 25 per cent 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,” the group said.

‎Fanny Petibon, France country manager for 350.org, said that releasing strategic reserves alone would not resolve the underlying issues of price increases in countries affected by war.

‎Ms Petibon noted that if  “G7 countries are serious about stabilising 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,” she said.

‎Clemence Dubois, 350.org‘s global campaign manager, said the current crisis highlighted a structural weakness in the global energy system.

‎”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,” Ms Dubois said.

‎She criticised policies that reduce fossil fuel taxes during crises, arguing they effectively subsidise companies already making excess profits.

‎She added, “The right response is a strong windfall tax, which should be redirected to support households and accelerate the transition to clean energy.”

The group’s Japan campaigner, Masayoshi Iyoda, said most of Japan’s oil imports pass through the Strait of Hormuz, making Japan acutely exposed to fossil fuel price shocks.

‎It urged Japanese Prime Minister Sanae Takashi to reconsider her alignment with the Trump administration’s fossil fuel agenda, noting that the attack on Iran has shown the agenda means prosperity for oil and gas corporations.

‎”When PM Takaichi meets U.S. 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,” the group said.