Indonesia’s massive peatland fires have exposed millions of people in Southeast Asia to toxic haze and have made the nation one of the world’s largest emitters of greenhouse gases. In response to these and similar environmental disasters, the United Nations Framework Convention on Climate Change (UNFCCC) launched the Reducing Emissions from Deforestation and Forest Degradation (REDD+) initiative, envisioned as a mechanism for high carbon-emitting countries and companies to pay rainforest-rich nations and communities to conserve forests. A pilot REDD+ project initiated by the Indonesia-Australia Forest Carbon Partnership illustrates some of the challenges these efforts experience on the ground. Looking to the future, if forest loss and carbon emissions are to be addressed in Kalimantan, it will require sustained funding streams for peatland rehabilitation, fire prevention, and improved forest governance.