This chapter analyses community perceptions of fairness in benefit distribution mechanisms of carbon projects implemented in Uganda’s state and private forests. Using an environmental justice framework, the chapter interrogates the distributive and procedural (in)justices inherent in the distribution of benefits derived from forest management activities. Fair distribution of benefits and costs is important in conservation programs for both moral and practical reasons. Data was collected through mixed methods in six rural villages located in Western Uganda, in which incentive-based policy innovations, i.e., the Clean Development Mechanism (CDM) and Reducing Emissions from Deforestation and Forest Degradation (REDD+) were piloted. Findings reveal that both monetary and nonmonetary benefits were more likely to accrue to community members who participated in the pilot projects, with a risk of exacerbating inequality. Participants preferred that individuals who invest more effort in project activities should receive monetary benefits, while egalitarian principle (equal access to all) was preferred for nonmonetary benefits. Community members expressed the need to participate in decision making. To achieve inclusive and socially just conservation programs, conservationists ought to engage all affected persons before and during program implementation.