Ramaphosa announces climate change response fund

Ramaphosa delivered his State of the Nation Address in Cape Town on Thursday evening.

At the same time, Ramaphosa said the government has decided to establish a Climate Change Response Fund.

"This will bring together all spheres of government and the private sector in a collaborative effort to build our resilience and respond to the impacts of climate change," said Ramaphosa.

Ramaphosa said the government is also taking action to improve ports and rail networks.

"To deal with severe inefficiencies in our freight logistics system, we are taking action to improve our ports and rail network and restore them to world-class standards.

"We have set out a clear roadmap to stabilise the performance of Transnet and reform our logistics system.    

"Working closely with business and labour, we have established dedicated teams to turn around five strategic corridors that transport goods for export purposes.

"The number of ships waiting to berth at the Port of Durban – which has experienced severe congestion in recent months – has reduced from more than 60 ships in mid-November to just 12 ships at the end of January.

"Transnet has appointed an international terminal operator to help expand and improve its largest terminal at the Port of Durban.

"And we are overhauling the freight rail system by allowing private rail operators to access the rail network," says Ramaphosa.

Ramaphosa says the government also raised R1.5 trillion in new investment commitments through five South Africa Investment Conferences, of which over R500 billion has already flowed into the economy.

"To support growth in the mining sector, we are moving ahead with the modernisation of our mining rights licensing system and are launching an exploration fund to support emerging miners and exploit new mineral deposits.

"Through this, mining, which was the bedrock on which the South African economy was built, will once again become a sunrise industry," he said.

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