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Global, environmental initiatives create macro-level agreements, but the true test is how local communities respond. From 1995 to 2001, we investigated the evolution of Fondo Bioclimatico, a carbon mitigation project, using interviews and document review. Even under tremendous uncertainty the project grew seven-fold. Its social structure shifted from a development emphasis to a brokering relationship, from shared to concentrated power, from social fund to carbon bank. Social selection of systems with fewer tree species and single ecosystems is a concern for biodiversity. The challenge is to remain critical, monitor, and support indigenous communities in their endeavor to implement clean development mechanism projects. Inglés