Government shows off plans for massive new smart city in KwaZulu Natal

The Department of Trade and Industry (DTI) has announced plans for a major new smart city in KZN. Speaking at an event on Sunday (15 September), DTI deputy minister Nomalungelo Gina said that the 50-year Durban Aerotropolis master plan will turn the entire surface area around King Shaka International Airport into a smart city with diversified economic activities that will boost the province’s economy. Gina said that the plan will cover 2,000 hectares of land as well as 10,000 hectares of green space for expansion. She added that the plan…

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$11bn green-energy initiative takes shape in South Africa

A plan to establish the world’s largest green-energy financing initiative is being threshed out in South Africa, which needs to reduce its environmental footprint and find innovative ways to fund debt-stricken state power utility Eskom. The plan being formulated by Meridian Economics, a Cape Town-based think tank, is under consideration by the government. It envisions the establishment of an $11 billion facility backed by development finance institutions and private funders. The new entity would lend money to Eskom at slightly below commercial rates on condition it accelerates the closure of…

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Government revives plan to take free stake in energy projects

South Africa’s government is drafting a new law that aims at securing it a free stake in all new oil and gas ventures, revising the terms of a proposal shelved four years ago. Under the legislation, which the Department of Mineral Resources and Energy outlined to lawmakers in Cape Town on Friday, the state would secure 10% ownership of energy projects at the exploration phase and the rights to 10% of their production at no cost. The law, which is still being refined, will be submitted to parliament in the…

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