https://www.iucn-uk-peatlandprogramme.org/resources/commission-inquiry/work-commission-2011/impacts-burning-management-peatlands
How Peatlands store so much carbon?
Carbon is absorbed by peatlands through the living plants unique to this habitat. Sphagnum can store more carbon than any other plant genus. Sphagnum is known as an ecosystem engineer and thrives in waterlogged conditions. Raised bogs are made up of almost entirely of sphagnum which contain a phenolic compound embedded within it's cell wall which is the main constituent responsible for carbon storage. When these plants die and turn into peat the carbon is contained within the soil and doesn't emmit back into the environment due to the low degradation rates. This is due to a host of factors mainly including the waterlogged state of the soil, pH and oxygen availability. Wet soils typically exhibit low decomposition rates of organic compounds as it fills the spaces within the soil which restricts the level of oxygen available to the bacteria involved with degradation. These soils absorb significantly more carbon than they release back into the atmosphere in comparison to other soils, however, this also means that when an area of peatland is cut(which is very common in Ireland) it will release significantly more carbon constituents in comparison to deforestation. Once these soil's burnt it creates the most significant biochemical imbalancement man could ever perform as the rate at which the carbon is released (fast flux) is so much greater than the rate at which it's being absorbed (peat formation is a slow flux process).
Research Issues
There have been many studies performed on the better understanding the role these wetland habitats play in helping cease global warming, however, despite the already known importance of peatlands most of these studies have gone incomplete. Accomplished studies are rare mainly due to the complexity of these soil types. Other issues which restricts a sufficient examination is the distance of these habitats from settlements ie. Finland, Russia etc and so it is more difficult to transport their resources and to maintain repeated surveys in testing the peatland's response.