The aim of this paper is to analyse the role of green hydrogen in the energy transition process and its importance for the development of a sustainable economy. Green hydrogen is one of the most promising solutions in the context of decarbonising industry, transport, and the energy sector. The study provides an overview of current activities and trends as well as an assessment of various aspects of hydrogen economy development. Green hydrogen can significantly contribute to achieving climate neutrality goals by replacing fossil fuels in hard-to-abate sectors. It can also support the development of renewable energy sources, while naturally taking into account certain barriers, including high investment costs, limited availability of transmission infrastructure, and insufficient legal regulations. The authors present global directions of change and emerging projects related to the production of green energy, green hydrogen, and its derivatives. They also emphasise the need to intensify research on these technologies, as well as the development of certification and standardisation. The development of the hydrogen economy is hindered by high costs, technological limitations, underdeveloped infrastructure, slow and inconsistent regulations, and limited public acceptance.