Sustainability criteria are playing an increasingly important role when banks finance real estate projects in Romania, while buildings that meet green finance standards can obtain better terms. These are the findings of the first study of its kind carried out by Colliers on the local market, based on responses from four commercial banks, which together hold more than half of the Romanian banking system’s assets, and two multilateral development banks active in the real estate sector. The clearest rule identified for new buildings is the NZEB-10% standard, applied by all the institutions analysed. As this criterion becomes increasingly important in the granting of green finance, the difference between energy-efficient buildings and lower-performing assets will become more visible both in terms of access to financing and the conditions offered.
In practice, all six institutions analysed require the primary energy demand of a new building to be at least 10% below the national NZEB threshold. A valid energy performance certificate and documents confirming compliance with the NZEB standard are also basic requirements for all institutions participating in the study. A project that does not meet the NZEB-10% standard may still be financed by a commercial bank, but the loan will generally not be classified as green finance and the benefits associated with this classification will no longer be available. In the case of multilateral development banks, failure to meet this criterion may even affect the project’s eligibility for financing or for inclusion in the climate investment category.
”For new buildings, sustainability is no longer checked only at the end of the process but is integrated as a condition from the design stage. For banks, alignment with the EU Taxonomy and energy performance are no longer merely reporting exercises, but criteria that determine whether a project qualifies as green finance and under what conditions. Certifications such as LEED and BREEAM allow developers to clearly demonstrate a building’s performance and provide banks and investors with benchmarks that are easy to compare”, explains Oana Stamatin, ESG Chief Officer | Sustainability Services at Colliers.
All institutions participating in the study offer a financial or commercial advantage for green real estate projects, although the size of this benefit differs from case to case. The terms are set according to the characteristics of the project, the client’s profile and the possibility of classifying the financing as sustainable. One of the institutions analysed indicated total benefits of 1-2 percentage points, depending on the client’s creditworthiness, including advantages that are not directly related to the loan margin, while the others determine the level of benefits on a case-by-case basis or do not disclose it publicly.
LEED, BREEAM, EDGE or Green Homes certifications are not mandatory for obtaining a standard loan, but they can help a project be classified as a green investment and secure better financing terms. Some institutions require minimum levels such as LEED Gold, BREEAM Excellent or EDGE Advanced to include buildings in their sustainable portfolios. In addition, three of the six institutions verify whether the certification is maintained throughout the duration of the loan, and the loss of certification may lead to the reclassification of the financing.
For existing buildings, banks are looking less only at certificates and increasingly at how the property performs in real operation. Five of the six institutions use or are considering the CRREM methodology, which indicates whether a building follows a credible emissions reduction pathway and is becoming increasingly important in refinancing processes. At the same time, four institutions require or carefully assess decarbonisation plans, which in some cases must include clear timelines and budgets for the necessary investments.
Actual energy consumption, generated emissions and the owner’s ability to maintain or improve the building’s performance are therefore becoming increasingly important criteria in the granting of financing. Five institutions monitor whether the property is among the top 15% most efficient buildings on the market, while two accept energy class A as a practical solution in the absence of a complete national database.
Banks are also analysing more carefully how developers or investors manage sustainability at the level of the entire organisation, not just the performance of a single building. Five of the six institutions ask about the existence of a sustainability strategy and science-based emissions reduction targets, while four request data on direct and indirect emissions. For now, the absence of these elements does not automatically block financing, but it can influence access to green finance products and indicates the company’s level of preparedness for future requirements. In this context, the assessment of existing buildings is becoming increasingly dependent on operational performance and the ability to demonstrate progress over time.
”For existing buildings, the energy performance certificate and green certification remain important, but they are no longer sufficient without an ongoing assessment of actual in-use performance. Banks are paying increasing attention to actual energy consumption, generated emissions and the quality of operational management. They also analyse the existence of clear improvement plans aligned with decarbonisation pathways such as CRREM. As a result, properties that can demonstrate consistent performance, access to relevant data and a credible emissions reduction pathway will be better positioned to maintain access to green finance, in a market where these factors are becoming decisive”, underlines Roxana Isopescu, Director | Sustainability Services at Colliers.
Office and retail projects currently have the clearest green finance rules, with all six institutions applying dedicated criteria to these segments. At the same time, green finance is expanding rapidly towards industrial and residential projects, for which five of the six institutions already have specific criteria. However, differences between lenders remain significant, and the study shows that rules may vary even between the corporate and retail divisions of the same bank.
None of the institutions analysed currently use fixed numerical thresholds for energy consumption or carbon emissions that would automatically exclude a project from financing. The assessment is based on legislation, energy class, the EU Taxonomy, international standards and each bank’s internal rules. However, one institution requires at least energy class C even for standard loans, which may indicate the direction in which the market is moving.
Applying these criteria remains difficult in practice. The participating institutions identify among the main obstacles the lack of data provided by clients, the cost and complexity of documentation, as well as the absence of clear national benchmarks for defining the top 15% most efficient buildings in Romania. In this context, developers that prepare the necessary documentation in advance, and can clearly demonstrate the performance of their projects start with an advantage in discussions with lenders.
According to Colliers, the gap between energy-efficient buildings and those requiring significant investment to meet the required standards will continue to widen. This gap will be visible not only in the cost of financing, but also in a property’s chances of being refinanced, leased or sold. Developers and investors that integrate sustainability from the earliest stages, prepare the necessary documentation and can demonstrate the building’s performance over time will have an increasingly clear advantage in their relationship with lenders.
The evolution of financing criteria comes in a market where green certifications already have a significant presence. In 2025, more than 180 BREEAM and LEED certifications and over 70 WELL Health-Safety and Access4you certifications were awarded in Romania, covering projects totalling approximately 4.6 million square metres, according to Colliers data. Office buildings accounted for 107 certifications, followed by retail projects, with 81, and the industrial and logistics segment, with 59. In addition, more than 20 projects obtained the highest certification levels, LEED Platinum and BREEAM Outstanding, showing that an increasing number of real estate assets in Romania are prepared to meet the growing requirements of lenders, investors and occupiers.