Report in External Series
| Jun 2026
Key actions for strengthening the theory of change for deforestation-free financial markets
(Forest Portfolio Assessment no. Briefing Note 1:2025)
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)
Support to Norad's Department of Climate, Nature and the Private Sector
Sep 2024 - Sep 2028