Accelerating cost reduction of renewables to move up the time frame of grid parity is very important for China's energy mix to become modern and greener, said industry experts at the fifth China Energy Development and Innovation Forum held on Tuesday.

The forum, initiated by China Reform Daily and organized by Beijing Gofa Institute of Intelligent Energy, attracted more than 500 industry experts, business leaders and government officials to discuss key issues related with China's energy development and innovation.

From Jan to Oct this year, China installed an addition of 17.61 million kilowatts photovoltaic power capacity, with the cumulative capacity reaching 192 million kilowatts, according to Shi Jingli, a researcher with the renewable energy development center of the Energy Research Institute under National Development and Reform Commission.

Some photovoltaic power stations in regions with good solar resources and easy access to grids for consumption have become capable to get rid of reliance on financial support, she said, adding that reducing costs, either technology-related or not, is most important to achieve grid parity.

During the 14th Five-Year Plan (2021-25), it will be an important period for renewables to make up a large share of China's energy mix, because at that time renewable energy industry will enjoy little financial subsidies, and needs to innovate in applications, business models and institutional mechanisms to get renewables-generated power connect directly into the electricity system, she said.

Zheng Sheng'an, president of China Renewable Energy Engineering Institute, said the costs of renewables has been constantly declining, as China scales up the development and utilization of renewable energy, with increasing use of advanced devices and technologies, and better policy support.

Nowadays, increasing the share of renewables in China's total energy mix is key for China to decarbonize its energy mix, as a new round of energy transition is happening worldwide to address environment protection and drive the sustainable development of energy, he said.