The General Assembly finds and declares that:
(1) The geologic storage of carbon dioxide will benefit the environment and the citizens of the Commonwealth;
(2) It is vital that long-term geologic storage of carbon dioxide in the Commonwealth be accomplished without disturbance of surface, mineral, or water resources and that public safety is ensured;
(3) Carbon dioxide has current and potential value and its geologic storage may allow for its orderly withdrawal as necessary for commercial, industrial, or other uses, including for enhanced oil and gas recovery;
(4) Development and deployment of carbon capture and storage technology in the Commonwealth will allow industries to utilize diverse fuel sources, create jobs, contribute to state and local tax bases, and enable Kentucky industries to remain competitive in the global economy; and (5) Attracting demonstration or pilot scale projects that incorporate carbon storage or projects that integrate carbon capture and storage is an economic development priority that will create jobs for Kentuckians and favorably position the Commonwealth for future leadership and growth in the field of carbon storage.