The paper explores different models of innovation management at the regional level and reasons for the best model considering the specific features of St. Petersburg as the innovative region of Russia. The authors, on the base of their long-time experience in studies of innovative enterprises and elaborating the regional innovation policy in St. Petersburg, propose the tool of creation and measuring the results of the regional innovation policy that promotes the life quality improvement and regional sustainable development. The balanced scorecard is used as a method, based on the methodology of knowledge economy development and adjusted to the specific needs of St. Petersburg innovation eco-system. The authors pay special attention to the implementation of principles of green economy into the realization of the regional innovation policy and the proposed balanced scorecard.