The initiative -- in its fourth year -- will hold five days of events in November, including the yearly awards ceremony, in the South African city.
Previous host cities include Singapore last year, Boston in 2022 and London in 2021.
The Singapore ceremony saw five eventual winners given one million pounds ($1.3 million) each. The same sum will go to this year's five winners.
November's prize events will "celebrate the groundbreaking work of fifteen global environmental solutions", organisers said.
"The nominations to The Earthshot Prize remind us that human ingenuity, grit and determination can turn the seemingly impossible into the new normal," the initiative's CEO Hannah Jones said.
Prince William, who has attended the previous three Earthshot Prize events, has in recent weeks been hit by royal family health woes.
His father, King Charles III, announced a shock cancer diagnosis on Monday, for which he has commenced treatment and postponed public-facing duties.
Meanwhile his wife, Catherine, underwent abdominal surgery last month and is expected to spend months recovering at home.
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