The EU Emissions Trading Scheme exempts certain industries from buying emission permits to prevent them from moving their operations to countries with less strict rules, a practice called "carbon leakage." Researchers found that industries with high carbon emissions are at a higher risk of leakage. However, the exemption mostly benefits highly trade-exposed industries, regardless of their carbon intensity. By focusing on industries that are both highly carbon-intensive and trade-exposed, or by looking at trade with less developed countries only, governments could make up to €3 billion per year from permit auctions, without increasing the risk of job moves to non-exempt industries.