Royal Bank of Scotland has revealed environmental goals that it hopes will cut £200 million ($318 million) from its costs by 2020. This is the first time RBS has published its environmental targets, although they have previously been used internally, The Scotsman reports.

The bank is aiming to cut the CO2 emitted as a result of staff travel by 50 per cent by 2020, compared with 2011 levels, and to halve the amount a paper used in its offices and branches by 2020. The goals cover its worldwide operations.

An annual meeting of 300 senior executives has already been held online as the bank tries to cut back on its emissions, the paper reports.

Figures for the 2011 baseline will be adjusted to account for the sale of buildings in the U.K. and those of businesses abroad, the paper reports.

A representative from Friends of the Earth Scotland called RBS’s efforts “laughable,” saying that if the company is serious about reducing its environmental impact, it should cut down on the billions it provides to the oil, gas and coal industries.

About a year ago, RBS was ranked as the 7th greenest bank in the world. Banco Santander and Goldman Sachs were named the greenest and second greenest banks in the rankings by Bloomberg Markets magazine. Eight of the top ten banks are based in Europe, which Bloomberg said reflects the European Union’s emissions-reduction policies.