(CNN) Former Housing and Urban Development Secretary Julián Castro released on Tuesday his plan to combat climate change, outlining the 2020 Democratic presidential candidate's approach to what he calls the "greatest existential threat to our future" ahead of his appearance at CNN's climate crisis town hall on Wednesday in New York.

Castro's plan -- titled "People and Planet First Plan" -- aims to "direct $10 trillion in federal, state, local, and private investments" over the next 10 years. The Castro campaign estimates that the influx of investment will create 10 million jobs over a decade.

But Castro's plan also focuses on the racial impacts of climate change, citing a series of studies that found those most directly impacted by issues like toxic waste, asthma and pollution are more likely to be people of color and more vulnerable communities.

"This crisis is the greatest existential threat to our future, but we have the power to mobilize the greatness of America," Castro writes.

Castro also outlines a detailed timeline for how the United States will move toward carbon neutrality. By 2030, the Castro campaign states, all coal-generated electricity will be phased out and replaced by zero-emission sources and all new light and medium duty vehicles will be zero-emissions. Those standards increase over the next decade: By 2045, the United States will be net-zero emissions and by 2050, Castro forecasts, the world will be net-zero carbon emissions, led by the United States.

Read More