To help answer this question, the International Renewable Energy Agency (IRENA) made a top including 33 countries and regions that have the highest potential when it comes to the production of this alternative fuel.

In their study, researchers at IRENA came to the conclusion that the country which can produce hydrogen at the lowest cost long-term is China, where producers could make green hydrogen at just over 0.65 UDS per kg by 2050.

In a less ideal scenario, China could produce the alternative green fuel at 1.1 USD per kg by 2050, with Colombia at approximately 1.15 USD per kg and Australia and Chile at 1.2 USD per kg each.

According to Recharge, by contrast, the US and Saudi Arabia would be able to achieve levelized costs of around 0.75-0.8 USD per kg as a best-case scenario, but the Saudi Arabia's potential costs could grow significantly in less-than-optimal conditions, due to water supply constraints.

Morocco is another country that has great potential when it comes to the production of green hydrogen, with the country being able to produce the fuel at a similar cost per kilogram to China, but experts are worried that the limited water supply might constrain the production by up to 63%.

Still, if producers are having issues with the supply of clean water, they can source the necessary water from the sea, which by desalinization could add only 4% or so to the overall production cost.

IRENA reports that in the case of an optimistic scenario, many parts of the world would be able to produce green hydrogen at under 1 USD per kg by 2050, with the exception of the UK, Germany, Japan, South Korea and Northern Europe, among others.

As a whole, scientists only analyzed 25 countries with regards to green hydrogen production, the rest being organized into regional or continental entries.

Colombia is one of the countries that is very invested in green hydrogen production, with the country aiming to have 3 GW of dedicated electrolyzer capacity by 2030, while it also increased its wind and solar capacity to 2.8 GW in the past two years.

Mexico, India and Spain are countries that also have significant potential when it comes to the production of green hydrogen, according to IRENA's study.