Formula 1 is setting up a foundation to fund apprenticeships and scholarships to increase diversity in the sport.
The foundation has a start-up fund of $1m (£804,000), which has been provided personally by F1 chairman and chief executive Chase Carey.
The fund will grow with contributions from others, both within and outside the sport.
F1 and world governing body the FIA are to instigate a plan to promote drivers from diverse backgrounds.
This will, according to a statement, "identify and systematically eliminate barriers to entry from grass roots karting to Formula 1".
World champion Lewis Hamilton is so far the only driver of Afro-Caribbean descent to make it into F1.
The 35-year-old has in recent weeks been outspoken on the subject of race and diversity, in the wake of the global Black Lives Matter protests that followed the death of George Floyd in police custody in Minneapolis last month.
Carey 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.
"That is why we will establish a task force to listen and ensure the right initiatives are identified to increase diversity in Formula 1.
"We want to ensure we give people from all backgrounds the best chances to work in Formula 1 regardless of their gender, ethnicity, sexual orientation, or physical abilities.
"We are therefore also taking the initial step of creating a foundation to support key educational and employment opportunities across Formula 1 that will give under-represented talent the chance to work in this incredible sport and build an exciting career."