This report addresses the benefits of drawing down nitrous oxide (N2O) emissions. N2O is now the most significant ozone-depleting substance emission and the third most important greenhouse gas released into the atmosphere. Global anthropogenic N2O emissions are rapidly increasing and are expected to almost double by 2050 unless mitigation action is accelerated. The continued build-up of N2O in the atmosphere will continue to deplete the stratospheric ozone layer and in so doing will to a degree undermine the achievements of the Montreal Protocol. The build-up of N2O will also make it more difficult to achieve climate targets.