The ESRF (NWT) replaced the federal Environmental Studies Research Fund in April 2014. It is a collaborative effort between the Government of the Northwest Territories, industry and public.

It was established under the 2014 Petroleum Resources Act  to finance environmental and social studies relating to oil and gas exploration, development and production in the Northwest Territories.

The ESRF (NWT) is directed by a Management Board with representation from the Government of the Northwest Territories, the oil and gas industry and the general public. All members are appointed by the Minister of Industry, Tourism and Investment. It is administered by a small secretariat within the Department of Environment and Natural Resources.

The ESRF (NWT) operates on a fiscal-year basis. The Management Board meets on a semi-annual basis. The frequency of meetings is adjusted as circumstances dictate.  The Management Board assesses the information requirements of government and industry to determine research priorities and develops an annual study program. Funding to support the study program and administrative costs form the basis for the calculation of the levy rate schedule.

Projects under the study program are initiated following the collection of the levies, which generally occurs in the first quarter of the calendar year.