Forecasting CO2 emissions from road fuel combustion using grey prediction models: A novel approach

Abstract

This paper proposes an optimized wavelet transform Hausdorff multivariate grey model (OWTHGM(1,N)) that addresses some of the weaknesses of the conventional GM(1,N) model such as inaccurate prediction and poor stability. Three improvements have been made: First, all inputs are filtered using a wavelet transform; second, a new time response function is established using the Hausdorff derivative; and finally, the use of Rao's algorithm to optimise the model's parameters as well as the ξ-order accumulated value of the observation data described by the Hausdorff derivative. In order to demonstrate the effectiveness of OWTHGM(1,N), it is applied to predict CO2 emissions from road fuel combustion. The new model scores 1.27% MAPE and 79.983 RMSE, and is therefore more accurate than competing models. OWTHGM(1,N) could therefore serve a reliable forecasting tool and used to monitor the evolution of CO2 emissions in Cameroon. The forecast results also serve as a sound foundation for the formulation of energy consumption strategies and environmental policies.• Modification, extension and optimization of grey multivariate model is done.• The model is very generic can be applied to a wide variety of energy sectors.• OWTHGM(1,N) is a valid forecasting tool that can be used to track CO2 emissions.