Since the concept of reducing emissions from deforestation and forest degradation (REDD) was first introduced to the United Nations Framework Convention on Climate Change (UNFCCC) in 2005, significant progress has been made toward defining the contours of such initiatives and strengthening the implementation capacities of participating countries. Today, efforts to reduce forest emissions, improve sustainable forest management, and enhance and conserve forest carbon stocksactivities referred to as REDD+are supported by more than 15 UNFCCC decisions and a wide range of bilateral and multilateral initiatives, including the World Bank-led Forest Carbon Partnership Facility (FCPF), Forest Investment Program, UN-REDD Programme, and various dedicated funds. As countries shift their attention from REDD+ readiness to implementation, the extent to which anticipated investments will yield effective, equitable, and transparent benefits for forest communities remains an open question. In considering the potential impacts of the FCPF Carbon Fund (“Carbon Fund)one of the most important donor initiatives supporting verified emission reductionsthis study presents a critical assessment of the attentiveness of key countries in the Carbon Fund’s pipeline to the rights and livelihoods of Indigenous Peoples and local communities. Drawing on evidence contained in national Emission Reductions Program Ideas Notes (ER-PINs) and other required submission documents, the study reveals critical gaps in terms of the involvement of forest communities in the planning and implementation of proposed Emission Reductions Programs (ER-Ps) and dedicated actions to recognize and protect their land and resource rights. The study concludes that while participating countries can and should do more to strengthen community engagement and promote tenure reform as part of their respective REDD+ strategies,. The study is available at: