Carbon capture and storage

That this House notes the immense potential of carbon capture and storage technology (CCS) for mitigating climate change, helping the UK to reach net-zero by 2050, and stimulating economic growth; is pleased that the Government is planning to deploy CCS by the mid-2020s and urges the Department for Business, Energy and Industrial Strategy to make this a policy priority; recognises that the UK has an unrivalled asset in the North Sea for carbon storage and that if utilised could store the entirety of captured carbon from European Union member states; encourages the Government to ensure this capacity is developed and that revenue is reinvested in coastal regions in the North; further encourages the Government to develop an effective reporting framework for UK CCS projects before they become operational to allow for effective monitoring of carbon captured, transported and stored; further notes that there is no agreed international framework for reporting the precise amounts of carbon captured; and believes the UK should manage and maintain a global reporting framework to position itself as a global technology leader in CCS.