The Reducing Emissions from Deforestation and Forest Degradation (known collectively as REDD+) initiative has emerged as a means through which individuals, projects and communities in developing countries can be financially rewarded for reducing emissions from deforestation, forest degradation and enhancement of carbon stock. In this article, we analyse the various framings and actor coalitions around REDD+ and institutional dynamics within the conceptualisation and development of REDD+. We conclude with a reflection on the key aspects for the political economy of REDD+ under a post‐Kyoto agreement, arguing that increased institutional recognition and support to less powerful forest voices is needed if equity rights as social justice are to be considered as key aspects of the future global climate change regime.