Saint Lucia faces significant barriers in its transition to a low-carbon, resilient economy, primarily due to limited institutional capacity to incorporate environmental, social, and climate considerations into financial planning and the local financial institutions' inability to mitigate climate risks effectively. This challenge is further exacerbated by the difficulty in accessing international climate finance, affecting both governmental and private-sector endeavors in mitigating climate change impacts.

The Readiness support aims to contribute to accelerated access to national and international climate finance through private sector participation and investments in climate change mitigation and adaptation, enhanced strategic frameworks, pipeline development, and enhanced capacity and knowledge of private and public sector actors. The readiness request is complementary to GCF Readiness LCA-RS-003.