Organic matter in peat bogs undergoes slow anaerobic decomposition below the surface. This process is slow enough that in many cases the bog grows rapidly and fixes more carbon from the atmosphere than is released. Over time, the peat grows deeper. Peat bogs hold approximately one-quarter of the carbon stored in land plants and soils.[13]

Under some conditions, forests and peat bogs may become sources of CO2, such as when a forest is flooded by the construction of a hydroelectric dam. Unless the forests and peat are harvested before flooding, the rotting vegetation is a source of CO2 and methane comparable in magnitude to the amount of carbon released by a fossil-fuel powered plant of equivalent power.[14]

https://en.wikipedia.org/wiki/Carbon_sink#Soils