As renewable energy (RE) rapidly integrates into society to meet the growing demand for affordable and clean energy (SDG 7, United Nations’ Sustainable Development Goal 7), it is crucial to analyze the merits and flaws of renewable energy generation by assessing its impact on the global economy and social wellbeing. This paper performs an investigative study on the correlation and causality between renewable energy, economy, and environmental indicators. The data was gathered from diverse sources, including The Center for Climate and Energy Solutions, National Aeronautics and Space Administration Goddard Institute for Space Studies (NASA GISS), and Our World in Data, for the temperature, carbon dioxide (CO2) emissions, and gross domestic product (GDP) data. Significant Granger p-values were obtained for RE generation’s ability to forecast CO2 emissions and temperature while discovering a strong positive correlation between CO2 and RE generation. The findings revealed that RE has limited effects on the global economy but has considerable implications on social and ecological wellbeing.