The Clean Development Mechanism (CDM) and the nascent solution of Reducing Emissions from Deforestation and Forest Degradation (REDD+) are two global market-based mechanisms that link developed and developing countries. This paper provides a quantitative and qualitative analysis of global-level stakeholders’ perceptions regarding the governance of the CDM focusing on environmental, social, economic, governmental and institutional participants. The research conducted was by means of an anonymous online survey using an analytical approach based on principles, criteria and indicators (PC&I). It compares these findings with the results of a similar survey conducted by the authors on REDD+. Stakeholders from both developed countries and the developing countries were asked to rate the quality of these mechanisms against 11 performance indicators using a Likert scale (1–5). Overall, the results of CDM stakeholders from both developed and developing countries were very similar, indicating a common perception. The highest and lowest total scores were obtained from institutional and social stakeholders, respectively, demonstrating that these two groups have considerable differences in perceptions from other interests. CDM failed two indicators, ‘equality’ and ‘resources’, and passed all other nine indicators only marginally. The performance of REDD+ was much higher than CDM in all aspects of governance surveyed. The major differences were in ‘equality’ and ‘problem solving’, followed by ‘transparency’ and ‘democracy’. If the CDM is to continue in the post-Kyoto period, some major systemic changes in governance are necessary. Here, there are some lessons to be learnt from REDD+.