Sustainability criteria are playing an increasing 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 a study 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 institutions analysed. All six require the primary energy demand of a new building to be at least 10% below the national NZEB threshold, and a project that does not meet this standard may still be financed, but the loan will generally not be classified as green finance.
"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. Certifications such as LEED and BREEAM allow developers to demonstrate a building's performance and provide banks and investors with benchmarks that are easy to compare," explains Oana Stamatin, ESG Chief Officer at Colliers. All institutions offer a financial or commercial advantage for green real estate projects, although the size differs. One indicated total benefits of 1-2 percentage points, depending on the client's creditworthiness, while others determine the level case by case. Some require minimum levels such as LEED Gold, BREEAM Excellent or EDGE Advanced, and three of the six verify whether the certification is maintained throughout the loan.
For existing buildings, banks are looking 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 four require or assess decarbonisation plans. Five monitor whether the property is among the top 15% most efficient buildings on the market, while two accept energy class A. Banks also analyse how developers manage sustainability across the organisation: five ask about a sustainability strategy and science-based emissions targets, while four request data on direct and indirect emissions.
"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. 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," underlines Roxana Isopescu, Director at Colliers. Office and retail projects currently have the clearest rules, with all six institutions applying dedicated criteria, while green finance is expanding towards industrial and residential projects, for which five already have specific criteria. None currently use fixed numerical thresholds that would automatically exclude a project, though one requires at least energy class C even for standard loans.
According to Colliers, the gap between energy-efficient buildings and those requiring investment to meet standards will continue to widen, visible not only in the cost of financing but also in a property's chances of being refinanced, leased or sold. 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 sqm. Office buildings accounted for 107 certifications, followed by retail with 81 and industrial and logistics with 59, while more than 20 projects obtained LEED Platinum and BREEAM Outstanding.
