RecoveryMap is an online platform that combines continually updated analysis of COVID-19 related climate lobbying with databases tracking key central banks’ corporate debt purchasing programmes. RecoverMap aims to provide clear, data-driven analysis on how corporate interests and central banks are affecting the economic recovery from COVID-19 in climate-relevant ways.
RecoveryMap is designed to provide timely, data and evidence-based analysis to inform science-based policy formulation and interventions during the COVID-19 crisis. It is designed to be used by the media, civil society groups, policy makers, the financial sector and other key stakeholders seeking to influence the recovery from COVID-19 and efforts to mitigate climate change.
RecoveryMap is a project of UK based non-profit InfluenceMap. RecoveryMap deploys InfluenceMap's core platform tracking Corporate Climate Lobbying along with its FinanceMap.org financial database platform which assesses the financial sector on climate performance. InfluenceMap is a non-partisan think tank funded by philanthropic foundations.
Our definition of lobbying includes both direct engagement and with governments and regulators, as well as wider attempts to direct societal discourse via public messaging (e.g. advertising, PR, social media, access to influential meetings). For this project, we are looking specifically at instances of these activities which concern interventions in the economy made as a result of the COVID-19 crisis that also directly overlap with the climate crisis. For example, this might include lobbying by corporate interests asking for climate-related regulatory roll backs of existing policy in response to the economic disruption caused by COVID-19.
While policymakers globally are still working to define what a Paris-aligned recovery looks like, our system tracks and assess for Paris-aligned corporate climate lobbying in the broader context of the recovery from COVID-19. This is measured against benchmarks based on the statements and ambitions of governmental bodies mandated to implement the Paris Agreement, as well as increasingly on the recommendations and guidance of the IPCC. Full details of InfluenceMap's analysis and methodology for assessing climate lobbying may be found at this online slide deck.
By central bank corporate debt purchasing programmes we mean programmes which either directly or indirectly (through secondary financial products such as ETFs) purchase corporate debt as a way of injecting liquidity into the economy and that have been set up as a specific response to the economic disruption caused by COVID-19.
The buying of corporate debt by central banks remains a highly opaque process, with minimal disclosure as to what central banks are buying and when. The value of these debt assets on central bank balance sheets is increasing rapidly and will likely impact real economy decision making. We are utilizing our financial data sources along with these limited disclosures to shed light on these practices so that our stakeholders (media, civil society, policy makers, finance) may engage more effectively with .
RecoveryMap currently collates information from the European Central Bank's Pandemic Emergency Purchase Programme (PEPP), the Bank of England's Covid Corporate Financing Facility (CCFF) and the US Federal Reserve's Secondary Market Corporate Credit Facility (SMCCF). We will continue to add to this as central banks disclose the corporate bonds they are purchasing.
Disclosure from central banks on these kind of programmes remains highly opaque and individual to the central bank disclosing. As a result, some central banks do not disclose certain aspects of their bond purchasing programmes. For example, the ECB does not currently disclose the value of specific bonds that it purchases. Where this data is not available, it will be marked with an N/A.