Within the terrestrial biosphere, northern peatlands store on the order of one third of the global soil carbon which is concentrated in 3% of the terrestrial surface (Turunen et al., 2002). Gorham (1991) estimated that between 270 and 450 Gtonnes C are stored in the global peatlands, whilst Hugelius et al. (2020) recently estimated 415 ± 150 Gtonnes C. The very existence of peatlands relies on the fate of organic matter (i.e., slow decay of organic matter leading to long-term accumulation), and therefore, a peatland carbon budget is a statement of the ecosystem's future and thus the estimation of C budgets has been a common research target. Initial approaches to C budgeting for peatlands was to measure the long-term, past accumulation rate by dating the depth profile (e.g., Turetsky et al., 2004). However, this approach must assume accumulation and cannot account for short periods of net loss, nor can this approach estimate the species of carbon being lost as organic matter accumulates. Understanding the species of carbon that are lost, as opposed to those accumulated, is vital because carbon is sequestered from the atmosphere to a peatland as CO 2 but can be lost to the atmosphere as CO 2 or as the powerful greenhouse gas, CH 4 (Houghton et al., 1995). As an alternative, it is possible to consider the carbon budget as the sum of measurements of the ongoing fluxes of all carbon species in and out of the peat