Sanjay Patnaik is the director of the Center on Regulation and Markets (CRM), the Bernard L. Schwartz Chair in Economic Policy Development, and a Fellow in Economic Studies at Brookings. He also is a Fellow for the Initiative for Sustainable Energy Policy (ISEP) at Johns Hopkins University. His research focuses on climate policies (specifically carbon pricing), business and government relations, corporate political strategy, globalization and international business. He is particularly interested in emissions trading programs, their role in mitigating climate change, and their effect on firm behavior. Over the past several years, he has conducted extensive research on the European Union Emissions Trading Scheme (EU ETS), which is one of the most important regulatory programs for greenhouse gases in the world. In more recent work, he focuses on how companies and governments can reduce their exposure to climate change by treating the problem as a risk management issue.