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Renewable energy has demonstrated a significantly greater increase in its share of total energy consumption than carbon emissions in recent decades. This rise in renewable energy consumption did not effectively mitigate climate change, as evidenced by the accelerated rate of climate change. This paper aims to determine the cause of this failure by examining the total effect centrality and mediating effects of renewable energy in economic systems in the short run and long run. The total effect centrality and mediating effects of renewable energy illustrate the evolution of its overall impact on the major variables of an economic system and its role in mediating the indirect effects of these variables on carbon emissions, respectively. The study employs a recently developed network analysis that is a pioneer in the estimation of the time-varying total effect centrality and time-varying mediating effects of renewable energy, while also accounting for its cross-associations among all variables in a network. The study derives three conclusions by examining the three countries with the highest carbon emissions in their respective regions: the United States in North America, China in Asia, and Germany in Europe. First, renewable energy has become an essential element of economic systems, having a substantial total effect centrality on macroeconomic systems and, by way of its mediating effects, substantially mitigating the indirect effects of major macroeconomic variables on carbon emissions in the short run. Second, the total effect centrality and mediating effects of renewable energy diminish in the long run, indicating that its capacity to effectively mitigate climate change remains constrained in structural terms. Third, the long-term decline in total effect centrality rises by 0.3, 0.7, and 0.4 for the United States, Germany, and China, respectively. In the same nations, the long-term decline of mediating effects rises by 0.2, 0.4, and 0.2, respectively. The study provides pertinent policy recommendations on how to augment the total effect centrality and mediating effects of renewable energy in economic systems. [Display omitted] • Explains why renewable energy failed in curbing the accelaration of climate change. • Introduces the 'total effect centrality' of renewable energy in economic systems. • Illustrates the time-varying mediation role of renewable energy in economic systems. [ABSTRACT FROM AUTHOR]