The environment has been on top of the agenda in global economy, and companies have been trying to find opportunities for sustainability in green growth. While green management has been considered as a new opportunity for growth, strategy for environment-friendly management remains an uncharted terrain. We aim to investigate the nature of green productivity and propose the evaluation system, which induces green productivity improvement. Green Productivity Improvement Award(GPIA) has been suggested for the purpose of attracting companies’ interest more on green productivity improvement. Development of criteria for GPIA is the main purpose of this paper. To establish a new award, it is important to build a clear evaluation system, and that system should be equipped with evaluation criteria inducing potential candidates’ efforts, relative weights reflecting key factors to be rated higher, and evaluation methodology providing systematic assessment guidelines. In this paper, we limit ourselves to the scope of evaluation criteria and relative weights, with evaluation methodology remained for the future research. We developed Green Productivity Improvement Index(GPII) as a set of evaluation criteria,and recommend it to be applied to evaluate the company’s green productivity improvement efforts. While most previous studies have been focusing on Green Productivity Index(GPI)which only considered the relationship between productivity and its environmental impact,GPII more focuses on the processes and drivers of green productivity, assuming that results would be the outcome of those drivers and processes. It also widens its evaluation window from the “Corporate orientation” to “Shareholders’ perspective” with series of green productivity improvement activities. Based on the Balanced Score Card(BSC), we build six perspectives derived from four original BSC perspectives(“Learning and Growth”, “Internal Business Process”, “Customers”, and “Shareholders”) and two new perspectives(“External Process” and “Social Responsibility”) which have been proposed to consider green productivity characteristics. Corporate Orientation and six perspectives are subdivided into thirty KPIs, and those KPIs are weighted by its relative importance. Analytic Hierarchy Process(AHP) methodology has been applied to rate the relative weight of each KPI. Nine-point Likert-type scales are used in paired comparison. Respondents for this analysis are consultants who have expertise in corporate evaluation, professors, Ph. D. holders and Ph. D. students who major in operations management. We propose relative weights and ranks for perspectives and KPIs respectively, based on the results of AHP. Findings of this study are as follows. First, we develop a set of evaluation criteria for GPIA which fulfills the needs to evaluate green management and productivity improvement. We also emphasize the importance of “drivers” and “processes” which have received little attention. Proposed GPIA would be a unique tool to “Green productivity improvement”. Secondly, criteria could be used as a green productivity management tool for the for-profit organization when that company implement the strategy for productivity improvement with green management. BSC has been widely applied to business area, so we believe that GPIA could be easily adopted by the practitioners. Lastly, proposed tools would be valuable for companies’ sustainable development and social responsibility. Evaluation methodology has not been covered in this research and remains for the future research. Refinement for weights on criteria considering different characteristics of industries has also been recommended for future research.