Following the launch of Formula 1’s #WeRaceAsOne initiative earlier this week, we are today setting out further measures to increase the diversity and inclusion across Formula 1.
Last November Formula 1 set out its ambitious sustainability, diversity, and inclusion strategy to improve the long-term future of our sport. This included creating a more inclusive and diverse culture within Formula 1 and attracting more diverse talent across technical, commercial, corporate, and on-air roles. Additionally, the plan, in partnership with the FIA, looks at promoting a diverse driver talent pipeline by identifying and systematically eliminating barriers to entry from grass roots karting to Formula 1. As set out in our #WeRaceAsOne announcement, recent events have reinforced the importance of those issues and the need for us to accelerate and take further action to make our sport better, improve opportunity and have a positive impact on the world we live in.
We announced earlier this week we will be establishing a Task Force to listen and identify the right initiatives required to increase diversity and inclusion across Formula 1. The Task Force will be established over the next few months and will include input from the drivers and teams, as well as external diversity and inclusion experts. The Task Force will be specifically focussed at identifying the employment and education opportunities for under-represented groups across Formula 1, including STEM careers, and the required actions to address these findings.
Alongside the Task Force we will also take initial action to create a foundation to finance primarily, but not exclusively, internships and apprenticeships within Formula 1 for under-represented groups to ensure they have the opportunity to fulfil their potential and have access to a promising career in the sport. The initial start-up funding for this foundation will be $1m and will be provided in full by a personal contribution from Formula 1 Chairman and CEO, Chase Carey. We hope that the funding will grow over time to support more interns and scholarship opportunities in the future.
We believe that as a truly international sport we can make a difference by using our voice and determination to address these vital issues. We are a sport that represents millions of global fans and we must ensure we are as diverse and inclusive in our own community as the communities we serve around the world.