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Community-based watershed management (CBWM) is today a major policy directive on water resources for most countries. In Latin America, since the 1970s, international aid development agencies have been encouraging decentralisation in water governance through watershed management interventions centred on social participation. This paper discusses whether CBWM projects financed by Canada in some Latin American communities contribute to achieve environmental justice (EJ) in order to shape adaptive capacity to global climate change. It reports the results of a comparative case study between Brazil, Nicaragua, Ecuador and Honduras in terms of justice and equity. The central finding is that EJ framework can serve as a methodological tool to better inform on watershed governance and management towards adaptive capacity to climate change. [ABSTRACT FROM AUTHOR]