Toronto-based Royal Bank of Canada has moved into the top five in Bloomberg Markets’ ranking of the world’s greenest banks. The bank placed fourth among the 20 greenest banks in the world.

Bloomberg’s ranking is based on several key criteria, including efforts to reduce environmental impact and the scope of investment banking services offered to clean energy companies.

European banks Banco Santander, BNP Paribas and Unicredit scored the top three spots. Golman Sachs placed fifth.

There Canadian banks also made the top 20 list: CIBC (14); National Bank of Canada (18); and Bank of Nova Scotia (20.)