Owners of commercial properties who prioritize sustainable construction will soon be able to benefit from preferential financing terms. On the other hand, a lack of investment in green solutions may, in the future, lead to the risk of being denied credit – according to the latest report by advisory firm Colliers, titled “Green Real Estate Financing: Banks’ Approach and Expectations.” The publication offers a comprehensive analysis of the banking sector’s approach to financing sustainable real estate investments in Poland.

The report is based on qualitative research and expert interviews conducted with representatives of 12 leading banks – both domestic and international – actively involved in commercial real estate financing. These discussions took place between March and May 2025 and included professionals responsible for property project financing, risk management, and sustainability policy implementation.

In the face of rapidly evolving regulations – such as the EU Taxonomy, SFDR, CSRD, and EPBD – green financing is becoming not only a response to legal requirements but also a strategic tool for building asset value, reducing risks, and increasing competitiveness. The Colliers report shows that ESG (Environmental, Social, Governance) considerations are no longer an add-on – they are becoming the foundation of credit and investment decisions.

“Banks are increasingly treating sustainability aspects as a key component in evaluating investment risk and value. For investors, this means preparing for stricter requirements – but also presents an opportunity to enhance a building’s technical quality. In the long term, this translates into greater tenant appeal, stable rental income, and reduced risks associated with the asset – whether investment, regulatory, physical (from climate change), or transitional (from moving to a low-carbon economy),” said Izabela Makowska-Kwiecińska, Associate Director, Strategic Advisory, ESG at Colliers.

The report analyzes six key areas: banks’ sustainability strategies, technical requirements for buildings, application of the EU Taxonomy and SFDR, the impact of sustainability factors on credit decisions, development of green financial instruments, and the barriers and challenges related to financing the energy transition. It highlights the growing importance of decarbonization plans, environmental certifications (such as BREEAM, LEED, WELL), CRREM compliance, and the quality of energy data as prerequisites for financing.

Banks’ technical requirements for commercial properties are evolving toward greater transparency, measurability, and alignment with climate goals. Market leaders in commercial real estate should be ready to demonstrate CRREM compliance, present decarbonization plans, and hold recognized environmental certifications. These elements are becoming integral to assessing the financial viability and risk profile of real estate assets.

Real estate valuation is also adapting to the growing importance of sustainability. As financial institutions increasingly incorporate ESG criteria into lending decisions, appraisers are updating their methodologies to better reflect the impact of environmental, social, and governance factors on asset value. Sustainability considerations are now an essential part of due diligence and valuations, influencing both risk assessments and the long-term value of properties.

“Incorporating sustainability aspects doesn’t require a revolution in how appraisers work, but it does require a broader perspective and understanding of how regulations impact property value. ESG is no longer a trend – it’s the new market standard,” stated Alicja Zajler, Director, Valuation & Advisory Services at Colliers.

The Colliers analysis also features commentary from commercial and residential real estate sector representatives, who share their experiences with green financing. They emphasize that alignment with sustainability guidelines is not only a requirement but also a chance to increase asset value, reduce investment risk, and build competitive advantage. Examples from companies such as Skanska, AFI Poland, and Peakside Capital show that investments in energy efficiency, certification, and regulatory compliance yield tangible financial and reputational benefits.

According to the report, banks are increasingly expecting investors not only to make commitments but to present concrete actions: modernization plans, investment timelines, CRREM analyses, and transparency in environmental data. At the same time, there is a growing need for a standardized approach to sustainability – both on the side of banks and investors.

“Our report is a practical guide for investors and property owners who want to navigate the new financing landscape effectively. It offers concrete recommendations on how to prepare for talks with banks, how to develop realistic yet ambitious decarbonization plans, and how to combine various sources of financing – from bank loans to green bonds and EU funds – to carry out a successful transition. Today, banks expect not only promises but specific actions and transparency, which is why preparation is key to adapting to the new market standard,” says Dorota Wysokińska-Kuzdra, Senior Partner, Corporate Finance & Living Services | CEE at Colliers.

The commercial real estate financing market in Poland is undergoing significant transformation, with sustainability becoming an increasingly important part of credit procedures. Understanding banks’ approach in this area is crucial to securing financing and enhancing asset value.

In the coming years, banks are expected to require increasingly comprehensive and ambitious environmental strategies. Only top-quality projects will meet the qualification criteria for green financing.