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This report provides emerging insights from a rapid review and stress test of Norad's theory of change for deforestation-free financial markets. It is based on a desk review of core Norad and Norad parner documentation as a well as a substantive discussion with Norad's Forest Team about their portfolio theory of change in March 2025. 

David Aled Williams

Principal Adviser (U4) and Senior Researcher (CMI)