Local implementation of efforts to reduce emissions from deforestation and forest degradation (REDD + ) can be analyzed to be part of a ‘value chain’. The primary ‘service’ is a direct reduction of emissions and a medium - to - long term reorientation of development pathways towards the maintenance of high - carbon - stock landscapes. The ultimate ‘service’ for which there may be a market is a ‘credible and creditable’ quantification and documentation of em ission reduction compared to an agreed (negotiated) baseline (‘additionality’ beyond reference emission levels ) after corrections for leakage effects and risks of non - permanence. The steps of the value chain beyond the landscape where emission reduction t akes place involve subnational + national + international levels that currently still have to operationalize rules that allow the value chain to work. In this process an external drive for efficiency (low cost emission reduction) interacts with the need fo r fairness ( supporting conservation commitment, avoiding perverse incentives ) . The development of operational subnational REDD + implementation rules involves a learning curve for all involved, the local stakeholders a s well as the potential investors, regu lators and facilitators of the process. Learning by the stakeholders might in future be facilitated by formal research results, but a more direct ‘learning by doing’ is needed at this stage. We report the development and use of a research tool FERVA for an alysis of fairness and efficiency along REDD + value chains, and its initial use in Indonesia and Peru. For Jambi province in Indonesia we also report further steps to engage potential REDD + stakeholders in the design of subnational implementation mechanis ms, including discussions with ‘Orang Rimba’ as the local forest dwellers are indicated. A simulation model that quantifies distributional effects (‘equity’) complements the ‘perceived fairness’ perspective that was expressed in the various focus group dis cussions. Vietnam is considering the coupling of REDD + funding and an existing scheme of payment for watershed functions. This approach may reduce transaction costs, but brings its own challenges to both fairness and efficiency dimensions, as discussed her e