From Wikipedia:
Publication History: The original Green Lantern was created by young struggling artist Martin Nodell, who was inspired by the sight of a New York Subway employee waving a red lantern to stop a train for track work and a green lantern once the track was clear.[citation needed] With the name in hand and borrowing heavily from the story of Aladdin (originally, Alan Scott was named Alan Ladd until a conflict arose regarding the actor of the same name), Nodell created a mystical crimefighter who got his powers from the flame of a strange lamp.[citation needed]
Nodell was teamed with writer Bill Finger, who wrote the scripts for stories, which were often drawn by Martin Nodell and sometimes by ghost artists such as Irwin Hasen.
The character made his debut in All-American Comics #16 (July 1940). The art was credited to Nodell via his pseudonym "Mart Dellon". Like many creators of the time, Nodell hoped to keep the stigma of comic books from tarnishing his career in commercial illustration.[citation needed]
According to Mordecai Richler, "there is no doubt... that The Green Lantern has its origin in Hassidic mythology".[2] However, Richler gives no reasons for saying this. Creator Martin Nodell has stated that he chose the character's identity by flipping through New York telephone books until he got two names he liked.[3] Nodell mentions Richard Wagner's opera cycle The Ring of the Nibelungen and the sight of a trainman's green railway lantern as inspirations.[4] Its been stated the ring and lamp that each summoned a wish-granting genie in the story of Aladdin explains the pairing of the two and its "wish granting" abilities in Nodell's work.
Scott was a charter member of the Justice Society of America, beginning in All Star Comics #3 (Winter 1940). He served as the team's second chairman, in #7, but departed following that issue and returned a few years later. He has been a key member of the group ever since, appearing in all three titles bearing the teams' name.
History:
Thousands of years ago, a mystical "green flame" fell to Earth in ancient China. The voice of the flame prophesied that it would act three times: once to bring death (a lamp-maker crafted the green metal of the meteor into a lamp; in fear and as punishment for what they thought sacrilege, the local villagers killed him, only to be destroyed by a sudden burst of the green flame), once to bring life (in modern times, the lamp came into the hands of a patient in a mental institution who fashioned the lamp into a modern lantern; the green flame restored him to sanity and gave him a new life), and once to bring power. By 1940, after having already fulfilled the first two-thirds of this prophecy (death when it crashed, life when it healed the insanity of the person who found it), the flame had been fashioned into a metal lantern, which fell into the hands of Alan Scott, a young railroad engineer. Following a railroad bridge collapse, the flame instructs Scott in how to fashion a ring from its metal, to give him fantastic powers as the superhero Green Lantern. He adopts a colorful costume (setting himself apart from his successors, as he wore both red and purple in his outfit, besides the standard green) and becomes a crimefighter, defeating the crooks who caused the accident, though he discovers his weakness from a wooden club.[1] Alan was a founding member of the Justice Society of America.
After the Crisis on Infinite Earths (although the original origin story was still in continuity),
a later Tales of the Green Lantern Corps story was published that brought Scott even closer to the Corps' ranks, when it was revealed that Alan Scott was predated as Earth's Green Lantern by a Green Lantern named Yalan Gur, a resident of China. Not only had the Corps' now-familiar green, black and white uniform motif not yet been adopted, but Yalan Gur altered the basic red uniform to more closely resemble the style of clothing worn by his countrymen. Power ultimately corrupted this early GL, as he attempted to rule over mankind, which forced the Guardians to cause his ring to manifest a weakness to wood, the material from which most Earth weapons of the time were fashioned. This allowed the Chinese peasants to ultimately defeat their corrupted "champion." His ring and lantern were burned and it was during this process that the “intelligence” inhabiting the ring and the lantern,
and linking them to the Guardians, was damaged. Over time, when it had occasion to manifest itself, this "intelligence" became known as the mystical 'Starheart' of fable.
Centuries later, it was explained, when Scott found the mystical lantern, it had no memory of its true origins, save a vague recollection of the uniform of its last master. This was the origin of Scott’s distinctive costume. Due to its damaged link to them, the
Guardians presumed the ring and lantern to be lost in whatever cataclysm overcame their last owner of record. Thus Scott was never noticed by the Guardians and went on to carve a history of his own apart from that of the Corps, sporting a ring with an artificially induced weakness against anything made of wood. Honoring this separate history, the Guardians never moved to force Scott to relinquish the ring, formally join the Corps, or adopt its colors. Some sort of link between Scott and the Corps, however, was hinted at in a Silver Age cross-over story which depicts Scott and Hal Jordan charging their rings at the same Power Battery while both reciting the "Brightest Day" oath. During the Rann-Thanagar War, it was revealed that Scott is an honorary member of the Corps.
Scott uses his ring to fly, to walk through solid objects (by "moving through the fourth dimension"),to paralyze or blind people temporarily, hypnotize them, to create rays of energy, to melt metal as with a blowtorch, and to cause dangerous objects to glow, among other things. It could also allow him and others to time travel. Occasionally, he uses it to create solid objects and force fields in the manner usually associated with fellow Green Lantern Hal Jordan, and to read minds. His ring could protect him against any object made of metal, but would not protect him against any wood or plant based objects. This was said to be because the green flame was an incarnation of the strength of "green, growing things".
So I would also have to say yes, as stated here 
