We define degeneracy loci for vector bundles with structure group $G_2$, and give formulas for their cohomology (or Chow) classes in terms of the Chern classes of the bundles involved. When the base is a point, such formulas are part of the theory for rational homogeneous spaces developed by Bernstein-Gelfand-Gelfand and Demazure. This has been extended to the setting of general algebraic geometry by Giambelli-Thom-Porteous, Kempf-Laksov, and Fulton in classical types; the present work carries out the analogous program in type $G_2$. We include explicit descriptions of the $G_2$ flag variety and its Schubert varieties, and several computations, including one that answers a question of W. Graham. In appendices, we collect some facts from representation theory and compute the Chow rings of quadric bundles, clarifying a previous computation of Edidin and Graham.
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