Posting a statement to go alongside the single through his Neil Young Archives site, Young wrote, ""Rainbow of Colors" is a song about the USA and the whole world. The idea of this song is that we all belong together. Separating us into races and colors is an old idea whose time has passed."
He added, "With the Earth under the direct influence of Climate Change, we are in crisis together needing to realize that we are all one. Our leaders continually fail to make this point. Pre-occupied with their own agendas, they don't see the forest for the trees. We need to all be one because we are all threatened. Climate Change is the unifying force we have needed for a long time. Now that it is here we just need to recognize it and stop turning on our brothers and sisters and help them instead. We are all in this together."
Colorado will be Neil Young and Crazy Horse's first album since 2012's Psychedelic Pill, and was largely recorded in the Rocky Mountains of Colorado, featuring co-production by Young and John Hanlon.