Formula One chiefs have pledged to donate one million dollars to a new foundation aimed at financing internships and apprenticeships for under-represented groups.
The move follows the launch earlier this week of the #WeRaceAsOne initiative aimed at promoting a pathway for drivers from diverse backgrounds through motorsport from karting to Formula One.
F1 chief executive Chase Carey, who will personally fund the initial donation worth £805,013, said: "We fully recognise that Formula 1 needs to be more inclusive and diverse.
"While we set out our strategy last year to improve the position of our sport, we need, and want, to do more."
World champion Lewis Hamilton criticised his sport's failure to do more to combat racism in the wake of the death of George Floyd in police custody last month.
He called out fellow drivers whom he believed were reluctant to express their support for the Black Lives Matter movement – leading to a number of his rivals to belatedly respond.
Hamilton said: "I see those of you who are staying silent, some of you the biggest of stars yet you stay silent in the midst of injustice.
"I'm one of the only people of colour there yet I stand alone. I would have thought by now you would see why this happens and say something about it but you can't stand alongside us. Just know I know who you are, and I see you."
F1 chiefs have indicated that they will make a statement about equality when the truncated season starts in Austria on July 3.
