Tokenization of Green Real Estate Assets in Romania: Can Blockchain and Digitalization Accelerate Financing for the Energy Transition?

Abstract
Romania faces a structural financing gap in achieving the energy efficiency transition of its building stock, driven by an aging housing sector, high renovation costs, and limited public funding capacity. At the same time, European climate policy increasingly requires accelerated decarbonization of buildings, placing pressure on Member States to identify alternative financing mechanisms capable of mobilizing private capital at scale.
This paper explores the potential role of blockchain-based tokenization of real estate assets as an emerging financial infrastructure for green investment. Rather than treating tokenization as a purely technological innovation, the paper conceptualizes it as a mechanism that may reshape capital allocation by enabling fractional ownership, enhanced liquidity, and automated financial settlement through smart contracts.
The study adopts a conceptual and policy-oriented analytical approach, synthesizing literature from blockchain finance, real estate economics, and green investment frameworks. It evaluates both opportunities and constraints associated with tokenized real estate markets in Romania. The analysis suggests that while tokenization may improve access to capital and broaden investment participation, its practical implementation depends on regulatory clarity, cadastral digitalization, and institutional readiness.
Keywords:Tokenization; Blockchain; Real Estate Finance; Green Finance; Energy Transition; Romania; Smart Contracts; Sustainable Investment; Financial Innovation