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. © 2012 Elsevier Ltd.