This report describes lessons learned in five key areas: (a) legal aspects of Payments for Ecosystem (or Environmental) Services (PES), conservation incentives and REDD+ programmes through the lens of participation agreements; (b) poverty reduction, livelihoods and other equity issues; (c) evaluating and managing trade-offs and synergies between programmes, sectors and incentives; (d) monitoring, reporting and verification of activities and outcomes; and (e)financial mechanisms, targeting, and controlling administrative costs in Costa Rica, Mexico and Ecuador.