Carbon markets can play a critical role in scaling transformational climate benefits and positive social change – if done well. Without proper safeguards, carbon projects run the risk of harming the very groups they should be benefiting. These groups, often referred to as Indigenous Peoples and Local Communities (IPLCs), have faced land grabs, forced resettlement, loss of resource access, value extraction and exploitation, and deceptive legal agreements at the hands of poorly designed projects. In this report, the authors seek to identify: 1. Current frameworks: Identifying types of benefit-sharing used today 2. Gaps: Addressing shortcomings in current benefit-sharing approaches 3. Standards: Reviewing current guidance 4. Solutions: Achieving robust IPLC partnerships Because best practices in benefits-sharing can vary widely in different contexts, this report focuses exclusively on natural climate solutions projects that are intended for sale in the voluntary carbon markets, with a focus on those with Indigenous Peoples and Local Community involvement.