The European Union is focusing on green hydrogen as a key element in its commitment to achieve net-zero carbon emissions by 2050. By 2030, the EU aims for a substantial reduction in greenhouse gas emissions, with green hydrogen expected to cover around 10% of the EU's energy needs. However, the transition from 'grey hydrogen' to 'green hydrogen' is facing challenges due to capacity expansion delays. Despite substantial funding allocated by the EU and the UK for hydrogen development, meeting the 2030 targets is uncertain. Outside the EU, Hong Kong is venturing into green hydrogen production through projects like converting landfill biogas. Energy storage is deemed crucial as renewable energy generation rises, with innovations like metal-hydrogen batteries offering long-duration storage solutions. Additionally, advancements in transporting hydrogen, such as water-based carriers, are simplifying safety maintenance and reducing infrastructure costs. The hydrogen economy is expected to play a significant role in global carbon abatement by 2050. Innovations and investments in clean fuels and smart energy systems, supported by initiatives like the TERA Award, are propelling the industry forward. The EU's strategic shift towards green hydrogen and the global focus on carbon neutrality create both challenges and opportunities for stakeholders in the hydrogen market.