A new momentum is underway to account for emissions from “avoided deforestation anddegradation” at the United Nations Framework Convention on Climate Change (UNFCCC).This paper assesses the feasibility of one of the Reducing Emissions from Deforestation andDegradation (REDD) mechanisms currently discussed, namely that of “CompensatedReduction”, in the case of Cameroon. Here we assess the differential revenues that afarmer could get from 1 ha of land out of two alternative land-uses: shifting cultivation, thetraditional land-use pattern in southern Cameroon, or carbon credits as compensation forthe conservation of primary forest. It is found that a break-even price of $2.85/t of carbondioxide equivalent would level shifting cultivation with “Compensated Reduction”. Thisresult suggests that at current carbon prices, and independently form variations in thediscount rate, it could already be more profitable to preserve the primary forest rather thanto log it in order to grow crops.