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Projects to reduce emissions from deforestation and degradation (REDD) are designed to reduce carbon emissions through avoided deforestation and degradation, and in many cases, to produce additional community and biodiversity conservation co-benefits. While these co-benefits can be significant, quantifying conservation impacts has been challenging, and most projects use simple species presence to demonstrate positive biodiversity impact. Some of the same tools applied in the quantification of climate mitigation benefits have relevance and potential application to estimating co-benefits for biodiversity conservation. In western Tanzania, most chimpanzees live outside of national park boundaries, and thus face threats from human activity, including competition for suitable habitat. Through a case study of the Ntakata Mountains REDD project in western Tanzania, we demonstrate a combined application of deforestation modelling with species distribution models to assess forest conservation benefits in terms of avoided carbon emissions and improved chimpanzee habitat. The application of such tools is a novel approach that we argue permits the better design of future REDD projects for biodiversity co-benefits. This approach also enables project developers to produce the more manageable, accurate and cost-effective monitoring, reporting and verification of project impacts that are critical to verification under carbon standards.