The fund was started in 1998 by Hugh Mackay with the objective of supporting scientific research in Greenland. The 1982 Edinburgh University East Greenland Expedition was a pivotal experience for him and he wants succeeding generations of University of Edinburgh scientists to go to Greenland and enjoy the experience of research and exploration.

Each year the fund aims to provide between £500 to £1000 to suitable applicants. This will not fund a whole expedition but will contribute towards some of the costs. The amount of available contribution is controlled by prevailing interest rates and the size of the fund. The intention is to raise more funding to enable more substantial contributions to be made.

The fund is open to University of Edinburgh undergraduates, post-graduates and final year students who have yet to graduate because they are off on expedition to Greenland.

Preference is given to University of Edinburgh geologists participating in a scientific expedition or project in Greenland. Awards can be made to other individuals or expeditions at the discretion of the Edinburgh University's Weir Fund for Field Studies. Most of the successful applications to date have been from geographers and have addressed issues related to climate change.