Quotted from yahoo Movie:
This movie will be based upon the long-running character as published by DC Comics (on and off) since 1940, who has taken on several forms, but has always been a superhero who derives his ability from a green ring. The original Green Lantern's ring was magical; the latter Green Lanterns rings all came from the Guardians from the planet Oa.
As of this writing, it is unclear which version of Green Lantern will be adapted, but it's likely to be one of the characters whose ring has its origins in the Green Lantern Corps, an interplanetary police force organized by a race of aliens from the planet Oa called the Guardians. Using his ring, Green Lantern can shape and produce green energy of fantastic power that can be used to create solid objects, shoot energy bolts, and give Green Lantern the power of flight (including intergalactic travel).
I'm really glad to hear that the Green Lantern will adapted to the cinema.
I think this superhero deserves it. The question is: will the production choose a black actor or a white one? (question of version ;-p)