Missing 'standard' StorageClass in OCP 4.12 on GCP

Issue

• With the new installation of the OCP 4.12 cluster on GCP, the Persistent Volume Claims (PVCs) that worked normally in previous versions are now failing due to an error.

$ oc get event -A
NAMESPACE           LAST SEEN   TYPE      REASON               OBJECT                                    MESSAGE
sample-project      21h         Warning   FailedScheduling     pod/sample-pod-0                          0/6 nodes are available: 6 pod has unbound immediate PersistentVolumeClaims. preemption: 0/6 nodes are available: 6 Preemption is not helpful for scheduling.
sample-project      21h         Warning   ProvisioningFailed   persistentvolumeclaim/sample-pvc-0        storageclass.storage.k8s.io "standard" not found

$ oc get pvc -A
NAMESPACE           NAME                STATUS    VOLUME   CAPACITY   ACCESS MODES   STORAGECLASS   AGE
sample-project      sample-pvc-0        Pending                                      standard       21h