In decision VI/2 of the Conference of the Parties to the Vienna Convention, the United Nations Environment Programme (UNEP) was requested, in consultation with World Meteorological Organization (WMO), to establish an extrabudgetary fund for receiving voluntary contributions from the Parties and international organizations for the purpose of funding certain research and observation activities related to the Vienna Convention in developing countries and countries with economies in transition.  The Trust Fund was established in February 2003, based on the Terms of Reference for the administration of the Fund that was approved by UNEP.

The primary purpose of the Trust Fund is to provide complementary support for the continued maintenance and calibration of the existing WMO Global Atmospheric Watch (GAW) ground-based stations for monitoring column ozone, ozone profiles and ultra-violet radiation in the developing countries and in the countries with economies in transition (CEITs), to address balanced global coverage. It further states that consideration is to be also given to supporting other activities identified by the Ozone Research Managers and in consultation with the co-chairs of the Scientific Assessment and Environmental Effects Assessment Panels of the Montreal Protocol for the improvement of the observation network and relevant research.  

The Secretariat and WMO agreed a Memorandum of Understanding (MOU) on the institutional arrangements for making decisions on allocation of funds.  Based on the terms of the MOU the Secretariat and WMO cooperate to implement national and international activities and projects under the Trust Fund.