How to overcome the lack of local variable for emacs lisp closure

I'm now studying Emacs Lisp from the reference manual and Common Lisp from a LISP Book.

from the Common Lisp book

>> (setf power-of-two
     (let ((previous-power-of-two 1))
       #'(lambda ()
           (setf previous-power-of-two
             (* previous-power-of-two 2)))))

>> (funcall power-of-two)
2

>> (funcall power-of-two)
4

>> (funcall power-of-two)
8

The function won't work in Emacs Lisp because of its dynamic binding behavior.

I wonder if it is possible to implement the same function in Emacs Lisp without introducing a global variable ?