Lord Hunt of Kings Heath (Lab)

My Lords, I very much welcome the regulations and totally agree with my noble friend about the importance of CCUS to meeting our net-zero targets. Only a few weeks ago, the Whitehead review made the same point about GGRs: you cannot achieve net zero without this. I look forward to my noble friend responding to the Whitehead review and no doubt accepting all its recommendations. These regulations seem to fall within what the review said about regulation. Certainly, I very much agree that this is an important element for market investment and certainty. Paragraph 5.4 of the Explanatory Memorandum says that the UK continental shelf holds “an estimated 78 billion tonnes of theoretical CO₂ storage capacity”. Clearly, there is huge potential for the UK. The Explanatory Memorandum mentions that, potentially, there are many countries that we could reach agreement with for storage in the UK continental shelf. So, can my noble friend tell the Committee the extent to which we are now in discussion with some of our European neighbours about the huge potential of storage in the North Sea?