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The article focuses on the governance of forest carbon emissions projects and policies. It explores how the development of standards through multi-stage, multi-level and multi-stakeholder processes can contribute to ensuring good governance. It argues that a governance standard, which is developed through a multi-stakeholder process at different levels (local, national and international) and in several stages, provides legitimacy to forest carbon emissions trading. It illustrates this approach by presenting the development of a draft voluntary national quality-of-governance standard for Reducing Emissions from Deforestation and Forest Degradation and conservation, sustainable management of forests and enhancement of forest carbon stocks in developing countries (REDD+) through action research in Nepal.