The lowland peatlands of south-east Asia represent an immense reservoir of fossil carbon and are reportedly responsible for 30% of the global carbon dioxide (CO 2 ) emissions from Land Use, Land Use Change and Forestry. This paper provides a review and meta-analysis of available literature on greenhouse gas fluxes from tropical peat soils in south-east Asia. As in other parts of the world, water level is the main control on greenhouse gas fluxes from south-east Asian peat soils. Based on subsidence data we calculate emissions of at least 900 g CO 2 m À2 a À1 ($ 250 g C m À2 a À1 ) for each 10 cm of additional drainage depth. This is a conservative estimate as the role of oxidation in subsidence and the increased bulk density of the uppermost drained peat layers are yet insufficiently quantified. The majority of published CO 2 flux measurements from southeast Asian peat soils concerns undifferentiated respiration at floor level, providing inadequate insight on the peat carbon balance. In contrast to previous assumptions, regular peat oxidation after drainage might contribute more to the regional long-term annual CO 2 emissions than peat fires. Methane fluxes are negligible at low water levels and amount to up to 3 mg CH 4 m À2 h À1 at high water levels, which is low compared with emissions from boreal and temperate peatlands. The latter emissions may be exceeded by fluxes from rice paddies on tropical peat soil, however. N 2 O fluxes are erratic with extremely high values upon application of fertilizer to wet peat soils. Current data on CO 2 and CH 4 fluxes indicate that peatland rewetting in south-east Asia will lead to substantial reductions of net greenhouse gas emissions. There is, however, an urgent need for further quantitative research on carbon exchange to support the development of consistent policies for climate change mitigation.

Drained peatlands in temperate Europe are a globally important source of greenhouse gas (GHG) emissions. This article outlines a methodology to assess emissions and emission reductions from peatland rewetting projects using vegetation as a proxy. Vegetation seems well qualified for indicating GHG fluxes from peat soils as it reflects long-term water level, affects GHG emissions via assimilate supply and aerenchyma and allows fine-scaled mapping. The methodology includes mapping of vegetation types characterised by the presence and absence of species groups indicative for specific water level classes. GHG flux values are assigned to the vegetation types following a standardized protocol and using published emission values from plots with similar vegetation and water level in regions with similar climate and flora. Carbon sequestration in trees is accounted for by estimating the annual sequestration in tree biomass from forest inventory data. The method follows the criteria of the Voluntary Carbon Standard and is illustrated using the example of two Belarusian peatlands.

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Peatlands are strategic areas for climate change mitigation because of their matchless carbon stocks. Drained peatlands release this carbon to the atmosphere as carbon dioxide (CO 2). Peatland rewetting effectively stops these CO 2 emissions, but also re-establishes the emission of methane (CH 4). Essentially, management must choose between CO 2 emissions from drained, or CH 4 emissions from rewetted, peatland. This choice must consider radiative effects and atmospheric lifetimes of both gases, with CO 2 being a weak but persistent, and CH 4 a strong but short-lived, greenhouse gas. The resulting climatic effects are, thus, strongly time-dependent. We used a radiative forcing model to compare forcing dynamics of global scenarios for future peatland management using areal data from the Global Peatland Database. Our results show that CH 4 radiative forcing does not undermine the climate change mitigation potential of peatland rewetting. Instead, postponing rewetting increases the longterm warming effect through continued CO 2 emissions.

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a b s t r a c tTo meet the challenge of proactive ecosystem-based climate mitigation and adaptation, new sources of funding are needed. Peatlands provide the most efficient global store of terrestrial carbon. Degraded peatlands, however, contribute disproportionally to global greenhouse gas (GHG) emissions, with approximately 25% of all CO 2 emissions from the land use sector, while restoration can be cost-effective. Peatland restoration therefore provides a newopportunity for investing in ecosystem-based mitigation through the development of carbon markets. Set in the international policy and carbon market context, this paper demonstrates the necessary scientific evidence and policy frameworks needed to develop ecosystem service markets for peatland restoration. Using the UK and NE Germany as case studies, we outline the climate change mitigation potential of peatlands and how changes in GHG emissions after restoration may be measured. We report on market demand research in carbon market investments that provide sponsors with quantification and officially certified recognition of the climate and other co-benefits. Building on this, we develop the necessary requirements for developing regional carbon markets to fund peatland restoration.