Automaker Chevrolet has announced plans to invest $40 million in nonprofit fundraising to help promote clean energy projects in local communities.

With the money, Chevrolet hopes to reduce 8 million metric tons of carbon dioxide emissions by 2015 - or, according to the U.S. Environmental Protection Agency, the amount of emissions equal to that of nearly 1 million homes.

While no projects have been specified or selected yet, the car company hopes that the initiatives over the next three to five years will include providing energy efficient technology to schools and community-based facilities, supporting wind farms and solar projects and contributing to forestry projects across the country.

"GM has made great progress in reducing our environmental impact, but we know we can do more," said General Motors CEO Dan Akerson. "Chevrolet's investment is an extension of the environmental initiatives we've been undertaking for years because the solution to global environmental challenges goes beyond just vehicles."

Recently, Chevrolet's energy-efficient electric car, Volt, was named Green Car of the Year at the Los Angeles Auto Show, Car of the Year by Motor Trend magazine and Automobile of the Year by Automobile magazine. The car has the ability to travel between 25 and 50 miles on only electricity, writes USA Today.