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There are some organizations out there trying to wrangle the definition of "Green": most prominently http://www.greenseal.org/, as well as LEED certification orgs such as http://www.greenadvantage.org/ cert.
I think this is a wonderful concept, especially in this climate where everyone and their dog is claiming to be "green", even if they are just using the back of their printer paper. However, it can be difficult to determine just how "green" a business is. Just because they don`t necessarily produce a green product, doesn`t mean they`re not a green business. How do you plan to handle the vetting process?
How can I learn more about your criteria? Do you have a directory already in place?
We had tried a similar concept last year with GreenBeans Rewards, however it is difficult to babysit each company and product, and at the end of the day it is the integrity of your name, or in this case, your seal at stake. We turned our focus to our own recycled products, but I am still hopeful about this concept.
I look forward to seeing where this goes! Best of luck to you great green thinker!