A $50 MILLION green fund established by tycoon and failed chief executive contender Peter Woo Kwong-ching has spent less than $6 million three years after its launch. The Woo Wheelock Green Fund was set up in 1994, at the same time as the Government's Environment and Conservation Fund (ECF), with combined seed money of $100 million. The funds are administered separately, although applicants can apply to both at the same time. Several green groups are boycotting the funds, saying they have failed to deliver on Governor Chris Patten's pledge to support environmental education and research. So far the two funds have approved 132 education projects worth less than $4.5 million and spent a further $14.9 million on 20 research projects. Woo Wheelock has funded half of the $7.6 million cost of four projects and paid $81,000 for another scheme, according to annual reports. Wheelock Pacific executive director Robert Tatlow said: 'We are working on 10 projects in conjunction with the ECF [worth] about $10 million - our share is about $6 million.' Friends of the Earth spokesman Lisa Hopkinson said: 'In three years they have spent $6 million while they have been accruing interest - that is pathetic.' Conservancy Association president Dr Ng Cho-nam said the $6 million dispensed by the Woo Wheelock Green Fund was a small price for the publicity the group generated. Seven applications to the two funds, both by Friends of the Earth, were rejected or offered such small amounts as to make the projects unviable, Ms Hopkinson said. The projects ranged from research to a $603,000 series of coastal guides for which the ECF offered $120,000, saying volunteers could do the job. Green Power chief secretary Alex Yan Wing-lok said: 'In the past 15 months I have not even bothered to submit an application - it is a waste of my time.' Principal Assistant Secretary for Planning Environment and Lands, Steve Barclay said no worthwhile projects had been rejected.