This Policy Brief demonstrates why tobacco taxation is an SDG accelerator and should be considered an essential component of financing for sustainable development. Drawing upon evidence from the Investment Case for Tobacco Control developed by UNDP, the Secretariat of the WHO Framework Convention on Tobacco Control (WHO FCTC), WHO, Research Triangle Institute (RTI) and governments in 6 Asia-Pacific countries, as well as from other credible sources, the Policy Brief demonstrates the pro-poor and pro-SDG nature of increasing tobacco excise taxes. The new Policy Brief also examines the bold and successful tobacco tax reforms by the Philippines and highlights the importance of strengthening tobacco control governance, including preventing policy interference by the tobacco industry with manipulative data and narratives. As countries struggle to mobilize domestic resources for the COVID response and recovery, the new Policy Brief offers pragmatic, evidence-informed policy recommendations and elucidates the untapped potentials of tobacco excise tax increases in LMICs that can unleash innovative, pro-poor SDG solutions.