Reducing emissions from deforestation and forest degradation (REDD) is globally supported as a cost effective programme that could achieve global mitigation and spur pro-poor socio-economic development in developing countries. Various multilateral, private and public sector actors are now keen to lobby and disburse REDD demonstration funds on the premise of spurring pro-poor carbon investments in less developed areas that were otherwise excluded from the Clean Development Mechanism. An understanding of the spatial targeting of REDD projects relative to subnational socioeconomic conditions may generate specific lessons for refocusing national REDD policies. This paper focuses on Kenya as a case study to analyse how REDD projects are distributed across quantified sub-national vulnerability indices. A vulnerability index map for Kenya was first developed from long-term socio-economic (crop yields, literacy rates and poverty rates) and climate (rainfall and temperature) data drawn from the 47 counties of Kenya. The number and nature of REDD projects were then located on the vulnerability map. Correlation tests were performed and experts consulted to clarify the socioeconomic features of vulnerability that significantly influence spatial choices for the REDD projects. Results show that a significant number of REDD projects are located in relatively low-vulnerability counties. Projects’ nature, objectives, stakeholders and standards were similar across the vulnerabilities. However, correlation tests revealed that the low-vulnerability counties, hosting more projects, are endowed with humid forest resources, secure land tenure and better access to water. Experts suggested that such conditions posit low transaction costs and higher carbon revenues for profit-seeking projects that currently dominate the demonstration activities. Conversely, medium-high-vulnerability areas potentially provide low opportunity cost for REDD project and enhances synergies between mitigation and adaptation. National REDD policies should therefore direct REDD funds to vulnerable areas, with mitigation potential. More targeted field-based studies on the practical interaction between projects and local socio-economic conditions can be formulated from these findings.