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The idea of 'equity', largely grounded in Western legal tradition, has come to permeate evaluations of what is fair and just within environmental governance programmes. But what constitutes equity in climate change and conservation projects? And does everyone affected by such projects see equity as desirable? Local encounters with global environmental governance interventions in Suau, Milne Bay Province of Papua New Guinea, provide an entry point to explore these questions. Drawing on ethnographic fieldwork with communities implicated in the Central Suau Reducing Emissions from Deforestation and Forest Degradation (REDD+) Pilot Project and in Save the Forest conservation projects, we examine tensions around conceptions of equity and equality between project proponents and local communities, as well as between individuals within those communities. By paying attention to talk about pigs in Suau, and tracing the intersections between reciprocity and trade, we explore how people negotiate equity and equality. We emphasize that this negotiation is central to Suau ideas of fairness. While the REDD+ and Save the Forest projects work to ensure 'equitable' distribution of benefits among supposedly equivalent actors, we show how this may actually close down possibilities for negotiation of outcomes that local people consider fair. [ABSTRACT FROM AUTHOR]