Error 0x800701bc when installing Ubuntu on Windows PC

I encountered the error WslRegisterDistribution failed with error: 0x800701bc while trying to install Ubuntu on my Windows PC. The error message states that WSL 2 requires an update to its kernel component. It suggests visiting https://aka.ms/wsl2kernel for more information. How can I resolve this issue and successfully install Ubuntu on my Windows PC? Any guidance would be appreciated. Thank you.