South Africa is on the brink of becoming a significant player in the global energy transition, leveraging its abundant renewable energy resources for green hydrogen production. Green hydrogen, produced through electrolysis using renewable electricity, offers a clean alternative to fossil fuels, especially in sectors like heavy industry and transportation. The European Union's pledge of €32 million in grants to support South Africa's green hydrogen industry underscores the country's potential. However, the high production costs of green hydrogen pose a challenge, requiring government support, incentives, and substantial international investments. South Africa's ambition to produce one million tonnes annually by 2030, scaling up to seven million tonnes by 2050, would not only boost the economy but also create hundreds of thousands of jobs. While the EU grants aim to attract private investment along the hydrogen value chain, the estimated funding needed far exceeds the current support, emphasizing the reliance on global north subsidisation. Megaprojects essential for green hydrogen production face risks of budget overruns and delays, necessitating careful planning and international cooperation. Despite the optimistic outlook, concerns about the financial viability and potential obstacles in the green hydrogen market persist. The need for realistic expectations, strategic partnerships, and ongoing support is paramount for South Africa to realize its green hydrogen ambitions.