Rangelands are important for livelihoods and the environment. Rangeland management can contribute to carbon sequestration, biodiversity conservation, and water resources through improved grazing practices, restoration of degraded lands, and fire management. Payment for ecosystem services schemes could incentivize good rangeland stewardship while supporting livelihoods, but challenges remain in accurately measuring and monitoring carbon stocks and other benefits, as well as establishing payment mechanisms. Case studies from Kenya demonstrate how payments for wildlife conservation have successfully reduced poverty and increased equity among communities.