Europe needs quicker green transition to reap growth benefit: ECB

FRANKFURT (Reuters) - Europe is investing far less into the green transition than required and there is urgency in stepping up spending as it will takes years to get projects going, European Central Bank chief economist Philip Lane said on Thursday.

Europe also is also short on qualified labour, so spending on training must also be ramped up, especially as the transition would likely boost growth for well over a decade, Lane told a conference.

"In terms of activity levels for the next decade or two, the green transition can be very significant engine of activity," Lane said. "So by and large, I think I will have a higher GDP forecast the more I'm confident that there will be a significant green transition."

(Reporting by Balazs Koranyi; Editing by Toby Chopra)