Sustainability is becoming an increasingly important consideration in real estate financing in Romania, with banks placing greater emphasis on the energy performance and environmental credentials of new developments when assessing lending conditions, according to a new study by Colliers.
The research, based on responses from four commercial banks representing more than half of Romania’s banking sector assets and two multilateral development banks active in the country, indicates that green finance requirements are becoming more closely integrated into lending decisions. While traditional credit factors such as project quality, financial strength and market fundamentals remain central, environmental performance is increasingly influencing eligibility for sustainable financing products and, in some cases, borrowing costs.
According to the study, all participating institutions require new developments seeking green financing to achieve primary energy demand at least 10% below Romania’s national Nearly Zero Energy Building (NZEB) threshold. The report notes that this finding reflects the practices of the institutions surveyed rather than a mandatory market-wide requirement.
Energy performance certificates and documentation demonstrating compliance with applicable energy standards are now considered standard requirements when projects are assessed for green financing. Developments that fail to meet these criteria may still secure conventional bank financing but are less likely to qualify for sustainable lending programmes and the benefits associated with them.
“Sustainability is increasingly being considered from the earliest stages of project development rather than only after construction has been completed,” said Oana Stamatin, ESG Chief Officer | Sustainability Services at Colliers. “Banks are placing greater emphasis on measurable energy performance and recognised environmental standards when evaluating projects for green finance.”
The study also found that international certifications such as LEED, BREEAM, EDGE and Green Homes are becoming more valuable during financing discussions. Although these certifications are generally not mandatory for conventional loans, they can strengthen a project’s eligibility for green financing. Some lenders participating in the survey indicated minimum certification levels for projects included within their sustainable finance portfolios.
For existing buildings, lenders are placing increasing importance on operational performance rather than certification alone. Actual energy consumption, greenhouse gas emissions and long-term decarbonisation strategies are becoming increasingly relevant during refinancing assessments. Five of the six participating institutions either already use or are considering the Carbon Risk Real Estate Monitor (CRREM) methodology when evaluating existing assets.
The research also suggests that lenders are expanding their assessment beyond individual properties to examine sustainability at the corporate level. Many now request information on environmental strategies, emissions reporting and long-term climate objectives, reflecting broader regulatory developments across European sustainable finance.
Office and retail assets currently have the most established green financing frameworks among the institutions surveyed, although industrial, logistics and residential developments are also becoming increasingly eligible as lending criteria continue to evolve.
Despite growing adoption of sustainable lending practices, the report identifies several challenges. Banks highlighted inconsistent data availability, complex documentation requirements and the absence of comprehensive national benchmarks for identifying Romania’s most energy-efficient buildings as obstacles to wider implementation.
Colliers expects the distinction between highly efficient buildings and lower-performing assets to become increasingly significant as financing standards continue to evolve. Properties capable of demonstrating strong operational performance, credible emissions reduction strategies and comprehensive sustainability documentation are likely to be better positioned when seeking financing, refinancing or attracting long-term investors.
The consultancy notes that environmental certifications continue to expand across Romania’s commercial real estate sector. According to Colliers’ research, more than 180 BREEAM and LEED certifications and over 70 WELL Health-Safety and Access4you certifications were awarded during 2025, covering approximately 4.6 million square metres of property. Office developments accounted for the largest share of certifications, followed by retail and industrial assets, while more than 20 projects achieved the highest certification levels, demonstrating the sector’s increasing alignment with international sustainability standards.
