Europe is facing a pivotal moment in its energy transition, emphasizing the need for a shift towards clean energy sources at competitive prices. One promising avenue in this transition is the production of renewable hydrogen in Europe, particularly from the abundant offshore wind resources in the North Sea. Scaling offshore wind capacity in North Sea countries to 120 GW by 2030 and 300 GW by 2050 can serve as a significant source for hydrogen production, leveraging the region's high capacity factors for offshore wind farms. Producing hydrogen offshore offers advantages such as reducing the need for expensive grid expansions, especially for far-offshore wind parks, as it is more cost-effective to transport hydrogen via pipelines for longer distances. Despite the economic sense of offshore electrolysis for hydrogen production, the development of Europe's hydrogen market is facing challenges in meeting ambitious targets. To overcome these obstacles, innovative financing models like 'Hydrogen Purchase Agreements' and Germany's intertemporal cost allocation are proposed to de-risk investments and make projects more attractive to private investors. Additionally, integrated cooperation and harmonization of regulatory standards are essential to streamline permitting processes and ensure quick and cost-effective project realizations. The appointment of a Danish European Commissioner-designate for Energy brings hope for Europe to capitalize on offshore wind and hydrogen generation, given Denmark's progressive regulatory framework. By implementing common structures and planning across borders, Europe can accelerate its transition towards renewable hydrogen, ensuring energy resilience and competitiveness in the global market.