The effective interaction of downfolded low-energy models for electrons in solids can be obtained by integrating out the high energy bands away from the target band near the Fermi level. Here, we apply the constrained random-phase approximation (cRPA) and constrained functional renormalization group (cfRG), which can go beyond cRPA by including all one-loop diagrams, to calculate and compare the effective interactions of the three-band Emery model, which is often used to investigate cuprate high-temperature superconductors. At half band filling, we find that the effective interaction increases as the charge transfer energy ($Delta_{dp}$) increases and similar behavior is obtained as a function of the interatomic 2$p$-3$d$ interaction ($U_{dp}$). However, the effective interaction is more sensitive to $Delta_{dp}$ than $ U_{dp}$. For most of the parameter sets, the effective static interaction is overscreened in cRPA compared to cfRG. The low-energy models at half-filling are solved within dynamical mean-field theory (DMFT). The results show that despite the different static interactions, the systems with cRPA and cfRG interaction exhibit a Mott transition at similar values of $Delta_{dp}$. We also investigate the effective interaction as a function of doping. The cfRG effective interaction decreases as the electron number increases and displays a trend opposite to that of cRPA. Antiscreening is observed for the hole-doped case. For all the cases studied, the near-cancellation of the direct particle-hole channel is observed. This indicates that at least for the downfolding of the onsite interaction terms, methods beyond cRPA may be required.
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