The Green Fund was first established under the Finance Act 2000 through the Miscellaneous Taxes Act, Chapter 77:01 Part XIV - Green Fund Levy - by the Government of the Republic of Trinidad and Tobago (GoRTT).  This was amended by Act No. 5 of 2004 and was followed by the Green Fund Regulations, 2007 and the Green Fund (Amendment) Regulations 2011. The Fund is capitalized by a tax of 0.1% on the gross sales or receipts of companies carrying on business in Trinidad and Tobago.

The first contribution to the Green Fund Levy was made on March 31st 2001.  As at December 2010 the Green Fund stands at approximately 2.2. billion TT dollars.

The implementation of the Green Fund became operational through the establishment of the Green Fund Executing Unit (GFEU) and the appointment of a Green Fund Advisory Committee (GFAC) in 2008 by the then Ministry of Planning, Housing and the Environment.