The International Renewable Energy Agency (IRENA) underscores the significance of low-carbon hydrogen in the global transition towards net-zero emissions by 2050. Current variations in hydrogen production and demand worldwide suggest a potential for the emergence of a new global market for low-carbon hydrogen and its derivatives. To develop international hydrogen value chains, countries must navigate economic, environmental, and governance challenges, especially in developing regions. Renewable hydrogen production relies on accessible renewable energy sources, water, and land. Incentive programs such as the U.S. Inflation Reduction Act and the European Hydrogen Bank are driving a shift towards lower-emission hydrogen production globally. Countries like the EU, Japan, and South Korea are setting regulations that necessitate renewable-based hydrogen and additional renewable electricity, promoting continuous growth in renewable energy markets. Governance strategies for hydrogen are taking shape worldwide, with over 53 countries crafting hydrogen strategies or roadmaps to facilitate favorable production conditions. Environmental concerns are paramount, as different production methods vary in emission intensity. While renewable hydrogen is more sustainable, large-scale production can strain local water and land resources, particularly in regions facing water scarcity. Transportation of hydrogen over long distances requires stringent safety measures to prevent leaks and manage energy consumption efficiently. In developing nations, hydrogen production presents opportunities for energy access, job opportunities, and industrial growth. However, job quality and stability may differ, highlighting the importance of community engagement and social acceptance for successful large-scale hydrogen projects. Strategic partnerships between hydrogen suppliers and demand centers are crucial for overcoming technical and economic hurdles in the evolving renewable hydrogen market. Collaboration and capacity building in developing countries will be key to maximizing the economic advantages of renewable hydrogen production.