The iron and steel industry is a significant contributor to global emissions, with ironmaking being a major source due to the use of coal and coke. Transitioning to green hydrogen as a reducing agent presents a viable decarbonization pathway. A new study envisions a model green hydrogen-based ironmaking project with a substantial capital cost but transformative potential. Key cost drivers include green hydrogen and clean electricity, emphasizing the need for low-cost renewable energy. Financing such projects requires robust commercial structures, long-term contracts, and policy interventions like carbon contracts for difference. By situating green ironmaking plants in regions with abundant renewable energy, costs can be optimized. Additionally, decoupling iron and steel production locations can enhance efficiency. Supportive policy frameworks are vital in encouraging the adoption of green hydrogen technologies in the steel industry, providing a promising roadmap for emissions reduction and the involvement of emerging economies in the low-carbon economy.