Hydrogen energy and hydrogen-based fuels are widely acknowledged for their potential to play a pivotal role in the transition towards a low-carbon society. These technologies are considered one of the primary means to establish a carbon-neutral society. However, it is worth noting that while green hydrogen is considered a low-carbon alternative, its carbon footprint is not entirely eliminated but instead varies considerably based on factors such as the source of electricity and allocation choices. This paper conducts a critical analysis of recent literature and institutional reports to assess the current state of green hydrogen technologies. It specifically examines the advantages and limitations of various green hydrogen production methods, highlighting water electrolysis as a leading candidate for large-scale, decentralized hydrogen generation. The study also delves into geopolitical and economic aspects related to the transition to a green hydrogen economy, including concerns about exacerbating water scarcity. The aim is to identify strategies and solutions to expedite this essential transition.