A new report from IRENA suggests that the renewable hydrogen sector could significantly impact global energy trade, offering opportunities for new players, including developing countries. The report emphasizes the importance of low-carbon hydrogen in achieving net-zero emissions by 2050. However, the uneven global distribution of the potential to produce low-cost, low-carbon hydrogen could lead to the creation of a new global market that trades hydrogen and its derivatives, reshaping global energy trade. The economic viability of renewable hydrogen production is heavily reliant on access to cheap renewable energy, water, and land resources. Future market developments are expected to be influenced by regulations and incentive schemes, particularly in regions like the EU, Japan, and South Korea. Governance and strategy-setting are also crucial, with active policy-making observed in G7 countries. From an environmental perspective, renewable hydrogen emits fewer greenhouse gases than blue hydrogen, but careful consideration is needed to prevent adverse impacts from being transferred to developing countries. Social acceptance and community involvement are highlighted as essential for successful implementation, especially concerning large-scale infrastructure projects. IRENA stresses the importance of promoting local industrial development to enhance the co-benefits of renewable hydrogen production, such as creating sustainable jobs and improving international competitiveness. The report suggests that developing countries can mitigate risks associated with global hydrogen trade by participating in both upstream and downstream activities. To navigate the changing landscape effectively, IRENA recommends adopting comprehensive industrial development policies in a fair and equitable manner.