Formula 1 has launched an equality and diversity task force to increase opportunity for minority groups.
The move is part of a wider commitment that will also see F1 support initiatives fighting the coronavirus pandemic and promote sustainability.
It coincides with the start of the delayed 2020 season in Austria in July.
“At our first race in Austria, Formula 1 will stand united to say loud and clear that racism must end,” said F1 boss Chase Carey.
“We will show our full support in fighting inequality throughout the weekend and accelerate our own efforts to make Formula 1 more diverse and inclusive.
“As a global sport, we must represent the diversity and social concerns of our fans, but we also need to listen more and understand what needs to be done and get on with delivering.”
An F1 statement added that the sport must make its return to competition “with added determination to tackle the major issues we as a sport, but also society, are facing”.
F1 says this will be a long-term strategy, and has dubbed it “we race as one”.
All cars will sport rainbow designs, “chosen as it has become a symbol used internationally in the recent crisis to bring communities together”.
Carey said: “Our first race in Austria at the start of July is a big moment for our sport after nearly four months of no racing.
“While it is an important moment for the Formula 1 community, it is also a time to recognise the issues that are bigger than any one sport or country.
“The #WeRaceAsOne initiative we have launched today is our way of saying thank you to the bravery and unity everyone around the world has shown during this unprecedented time.
“It will also be a platform for Formula 1 to come together and achieve results against the most important issues facing us as a sport and the world.”
F1 said it would “take a stand against racism” by displaying “visual displays of support in the fight against racism” over the weekend of the Austrian Grand Prix on 3-5 July.
And it will reveal “clear pledges to increase diversity and opportunity in our sport” later this week.
“This will include setting up a Formula 1 task force that will listen to people from across the paddock, including the drivers, as well as externals, and make conclusions on the actions required to improve the diversity and opportunity in Formula 1 at all levels,” the statement said.
The move follows a number of interventions from six-time world champion Lewis Hamilton on the issue of race since the death of African-American man George Floyd in police custody in Minneapolis in May sparked protests around the world.
And it is the latest in a series of steps from F1 as it seeks to play a responsible role in the global community.
Last year, it announced a plan to become net zero carbon by 2030, and it is working on a plan for its next generation of engines, to be introduced in 2026, to use synthetic fuels, which are made by capturing carbon from the atmosphere.