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The reducing emissions from deforestation and degradation (REDD+) mechanism is a climate change mitigation policy tool widely used in tropical forested countries that faces institutional and governance challenges in its implementation. Peru provides a particularly rich case study to analyze the agency of Amazonian Indigenous Peoples' organizations (IPOs) in the development of a national REDD+ policy. We examine the multi‐scalar interaction between the Peruvian State and IPOs in the governance of REDD+, identifying the role of Amazonian Indigenous groups in this process. Drawing on socio‐ecological governance and political economy approaches, we analyze data collected through interviews and participant observation. The article provides a case study of how IPOs work within the evolving governance system of REDD+ in Peru—both in responding to opportunities and in shaping the emergent system …