This policy report examines the current status of peatlands globally, assesses the benefits and costs of peatlands, and identifies policies for peatlands conservation, restoration and sustainable management. This report concludes that much more needs to be done to conserve, sustainably manage and restore peatlands worldwide. They are an economically important nature-based solution, and they are vital to any global strategy to combat rising environmental threats. Investment in peatlands conservation, restoration and sustainable management is a triple win for the climate, biodiversity and people, more so for those left furthest behind, including poor people, women, and children who face increased vulnerability from depleted natural resources. It is essential that peatlands are recognized as high priority for urgent action by policymakers.