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The success or failure of REDD+ will be determined not only by carbon emission reductions but also by equity for local communities and indigenous peoples. We have developed a methodology, the rapid equity appraisal matrix (REAM), for evaluating the equity capacity of REDD+ projects and stakeholders. REAM consists of three axes: a REDD+ project axis, a stakeholder axis, and an indicator axis. A systematic literature review was employed to establish ten indicators as minimum requirements for REDD+ projects to achieve socio-economic equity. The indicators were weighted according to their relative importance based on responses to an online survey of REDD+ experts and project proponents. Conjoint analysis was used for the weight estimations. Experts viewed “actions to improve governance and regulation are taken” as the most important criterion, whereas the lowest ranked criterion was “monetary benefits”. This finding reflects a potential challenge for REDD+ mechanisms for making payments to affected indigenous peoples and local communities. REAM was evaluated with two stakeholder groups involved in six REDD+ projects in Indonesia. The results suggested that Indonesia does not yet have sufficient capacity to achieve equitable REDD+ schemes.