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What is surprising is the lack of scrutiny around foreign ownership of this country’s natural resources. Who owns and controls Canada’s natural wealth has implications far beyond a balance sheet. It affects who benefits and who bears the risk in an increasingly volatile world.

The share of foreign-controlled assets outside the financial sector sits at 22.9 per cent. In the oil and gas industry, that rises to 33 per cent. In forestry and logging, foreign-controlled enterprises have been reported as accounting for up to 40 per cent of revenues, though lack of transparent reporting makes accountability difficult.

It’s hard to notice ownership structures when companies have deceptive names such as “LNG Canada,” which has no Canadian ownership but is a massive joint venture between five multinational corporations, some state-owned, including PetroChina and Korea Gas Corporation.

This is not an argument for xenophobia or economic isolation. Canada’s participation in global markets is vital to its economy, while foreign companies bring capital and expertise and employ countless people who live here.

Ownership matters, as does the long-term accountability that follows.

Companies not headquartered here direct more profit out of the country with little concern or accountability for the ecological consequences of their actions.

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When we prioritize multinational corporations over Indigenous stewardship models rooted in ecological responsibility and community benefits, we undermine reconciliation and the potential for a sustainable future.

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Most Canadians want limits on foreign ownership. A recent survey found almost 60 per cent believed outside possession of Canada’s critical minerals was a greater threat than “missing out on development and jobs because of a lack of investment.”

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Sovereignty can’t matter in one context and be dismissed in another.

We should all be asking the important questions: Who makes decisions around Canada’s natural wealth? Who benefits? And who is left holding the bag?

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Opinion piece by David Suzuki, a scientist, broadcaster, author and co-founder of the David Suzuki Foundation. Written with David Suzuki Foundation Communications Manager Stefanie Carmichael.