The report also calls for the introduction of a well-designed, effectively managed system to redistribute that tax, supported by an improvement in public transport.
The party's spokesperson on Climate Action and the Environment Brian Stanley TD has urged the government to halt further increases in carbon tax, referencing the new report.
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Deputy Stanley said: "As a blunt instrument, carbon taxes do not work. Since the introduction of a carbon tax in Ireland in 2010, emissions have actually increased.
"There are currently 400,000 families living in fuel poverty across Ireland and Sinn Féin will not support any increase in the carbon tax which will see thousands more forced into the cold.
"The ESRI report published this morning states clearly that the introduction of a blunt carbon tax will indeed hurt lower income households harder than wealthier households because they spend a higher proportion of their income on fuel.
"Unless measures are put in place to give families an alternative, a Carbon Tax will simply be a punitive tax that will hurt the poorest in our society."
Sinn Féin has also put forward targets of achieving 80% of Ireland's energy demands through renewables by 2030 using wind, solar, and biogas.
(CM)
