Another target is masters-level motorsport engineering scholarships for black students.
Addressing the announcement, Hamilton said: "Very proud of the work that we are doing as a team.
"Basically, when I sat down with Toto a year ago I said that I don't want to just be a driver for the team anymore, I feel it's important that we start looking to what we're doing both inside, but also outside of the sport.
"And so part of the contract was commitment from them and commitment from myself financially to put into Ignite, and to work on how… with the work that I did with the Hamilton Commission, working on seeing how we can get more young girls involved in our sport, and just working on how we can... one of the things that we're working on is having 10 Black students given scholarships for motorsport.
"Not only that, once they graduate, have a role, either with us in our team, but also within the sport.
Explaining how Ignite aims to take action where others haven't, Hamilton added: "I think we're just living in a time where there's been a lot of people that have said they're supportive through these last couple of years, but a lot of [it is] lip service, and we are not doing that.
"We're actually about action. We're putting our money where our mouth is.
"So yeah, I'm really proud. I think we need to get everyone naturally on board to do something because we can't do it alone."