This paper outlines the potential risks and opportunities associated with the Kyoto Climate Treaty with regards to biodiversity conservation. The authors argue that the Kyoto Protocol as currently written does little to advance solutions that benefit biodiversity, and in many ways could unwittingly promote further biodiversity loss from the kinds of projects it encourages, such as biomass monoculture plantations and hydro dams. They go on to discuss the sorts of carbon sequestration projects that have the potential to deliver impressive biodiversity and community benefits, and recommend that climate policymakers adopt rules and frameworks that will encourage the development of such “multiple benefit” projects.