Abstract
The carbon market relies on market-oriented financial means to solve the problem of carbon emissions. An effective carbon pricing mechanism can improve market efficiency and better serve the implementation of carbon emission reduction. The limited attention of investors increases the uncertainty of carbon market volatility and is an important exogenous factor affecting the price of carbon assets. This study innovatively mines keywords of investor attention on the carbon market through online news texts and eliminates those that have no causal link to carbon price forecasting in order to reduce noise. The results show that the keyword extraction method based on news text mining is better than that of nontext mining. Meanwhile, a carbon price forecasting model based on a particle-swarm-optimization LSTM model structure is constructed, and the forecasting accuracy is improved. The results show that carbon market investors pay more attention to carbon quota supply and demand, carbon prices, environmental change, and the energy market. The results have important implications for the development of effective carbon market policies and risk management.
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-24186-z/MediaObjects/11356_2022_24186_Fig1_HTML.png)
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-24186-z/MediaObjects/11356_2022_24186_Fig2_HTML.png)
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-24186-z/MediaObjects/11356_2022_24186_Fig3_HTML.png)
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-24186-z/MediaObjects/11356_2022_24186_Fig4_HTML.png)
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-24186-z/MediaObjects/11356_2022_24186_Fig5_HTML.png)
Similar content being viewed by others
Data availability
The data that support the findings of this study are openly available on request.
References
Colladon AF (2020) Forecasting election results by studying brand importance in online news. Int J Forecast 36(2):414–427
Da Z, Engelberg J, Gao P (2011) In search of attention. J Financ 66(5):1461–1499
García-Martos C, Rodríguez J, Sánchez MJ (2013) Modelling and forecasting fossil fuels, CO2 and electricity prices and their volatilities. Appl Energ 101:363–375
Hao Y, Tian CS (2020) A hybrid framework for carbon trading price forecasting: the role of multiple influence factor. J Clean Prod 262:120378
Huang YC, He Z (2020) Carbon price forecasting with optimization prediction method based on unstructured combination. Sci Total Environ 725:138350
Huang YM, Dai X et al (2021) A hybrid model for carbon price forecasting using GARCH and long short-term memory network. Appl Energ 285:116485
Huang YS, Shen L, Liu H (2019) Grey relational analysis, principal component analysis and forecasting of carbon emissions based on long short-term memory in China. J Clean Prod 209:415–423
Jiang F, Peng ZJ (2018) Forecasting of carbon price based on BP neural network optimized by chaotic PSO algorithm. Statistics & Information Forum 33:93–98
Li X, Ma J et al (2015) How does Google search affect trader positions and crude oil prices? Econ Model 49:162–171
Liu J, Guo Y, Chen H et al (2019) Multi-scale combined forecast of carbon price based on manifold learning of unstructured data. Control Decis 34(2):279–285
Lu QY, Li Y et al (2020) Crude oil price analysis and forecasting: a perspective of “new triangle.” Energ Econ 87:104721
Pan D, Zhang C et al (2022) A novel method of detecting carbon asset price jump characteristics based on significant information shocks. Financ Res Lett 47:102626
Qu H, Shen W (2021) The impact of investor attention on market volatility based on the LSTHAR model. Chinese J Manag Sci 28(7):23–34
Said AB, Erradi A et al (2021) Predicting COVID-19 cases using bidirectional LSTM on multivariate time series. Environ Sci Pollut Res 28(40):56043–56052
Sun W, Huang CC (2020) A novel carbon price prediction model combines the secondary decomposition algorithm and the long short-term memory network. Energ 207:118294
Teixido J, Verde SF, Nicolli F (2019) The impact of the EU Emissions Trading System on low-carbon technological change: the empirical evidence. Ecol Econ 164:106347
Tavoni M, Kriegler E et al (2015) Post-2020 climate agreements in the major economies assessed in the light of global models. Nat Clim Change 5(2):119–126
Wang J, Sun X et al (2021) An innovative random forest-based non-linear ensemble paradigm of improved feature extraction and deep learning for carbon price forecasting. Sci Total Environ 762:143099
Wu BR, Wang L et al (2021) Effective crude oil price forecasting using new text-based and big-data-driven model. Measurement 168:108468
Wolf S, Teitge J et al (2021) The European green deal-more than climate neutrality. Intereconomics 56(2):99–107
Xu H, Wang M et al (2020) Carbon price forecasting with complex network and extreme learning machine. Physica A 545:122830
Yang S, Chen D et al (2020) Carbon price forecasting based on modified ensemble empirical mode decomposition and long short-term memory optimized by improved whale optimization algorithm. Sci Total Environ 716:137117
Yang T, Guo M M (2019) Investor attention and the stock market: a new perspective on PM2. 5 concept stocks. Financ Res 467(5):190–206
Ye J, Xue MG (2021) Influences of sentiment from news articles on EU carbon prices. Energ Econ 101:105393
You JX, Wu J (2012) Spiral of silence: media sentiment and the asset mispricing. Econ Res J 7(2):141–152
Yu L, Zhao Y et al. (2019) Online big data-driven oil consumption forecasting with Google Trends. Int J Forecast 35(1):213-223
Yun P, Zhang C et al. (2020) A novel extended higher-order moment multi-factor framework for forecasting the carbon price: testing on the multilayer long short-term memory network. Sustainability 12(5):1869
Yun P, Huang X D et al. (2022) Forecasting carbon dioxide emission price using a novel mode decomposition machine learning hybrid model of CEEMDAN-LSTM. Energy Sci Eng https://doi.org/10.1002/ese3.1304
Zhang YJ, Li SH (2020) The impact of investor attention on international crude oil price volatility. Syst Eng Theory Pract 40(10):2519–2529
Zhang YP, Chen Y et al (2022) Investor attention and carbon return: evidence from the EU-ETS. Econ Res-Ekonomska Istraživanja 35(1):709–727
Zhang YH, Li Y et al (2014) Can Internet search predict the stock market? Financ Res 2:193–206
Zhang F, Wen N (2022) Carbon price forecasting: a novel deep learning approach. Environ Sci Pollut Res 1–14
Zhu PP, Zhang X et al (2021) Investor attention and cryptocurrency: evidence from the Bitcoin market. PLoS ONE 16(2):e0246331
Zhu BZ, Ye S et al (2018) A novel multiscale nonlinear ensemble leaning paradigm for carbon price forecasting. Energy Econ 70:143–157
Zhu BZ, Shi X, Chevallier J et al (2016) An adaptive multiscale ensemble learning paradigm for nonstationary and nonlinear energy price time series forecasting. J Forecast 35(7):633–651
Funding
This work is supported by the National Natural Science Foundation of China (grant no. 71971071).
Author information
Authors and Affiliations
Contributions
Conceptualization, methodology, and writing of the original draft: Di Pan; review and supervision: Chen Zhang; data curation: Dandan Zhu; language calibration: Shu Hu.
Corresponding author
Ethics declarations
Ethics approval
Not applicable.
Consent to participate
Not applicable.
Consent for publication
Not applicable.
Competing interests
The authors declare no competing interests.
Additional information
Reponsible Editor: Eyup Dogan
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Pan, D., Zhang, C., Zhu, D. et al. Carbon price forecasting based on news text mining considering investor attention. Environ Sci Pollut Res 30, 28704–28717 (2023). https://doi.org/10.1007/s11356-022-24186-z
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-022-24186-z