Peatlands are wetlands that contain a deposit of dead plant material, known as peat. They are characterized by their waterlogged conditions, slow decomposition rates, and high carbon content. Peatlands play a crucial role in the ecosystem by providing various benefits such as carbon storage, water regulation, biodiversity support, and as habitats for unique plant and animal species. They also help in maintaining water quality and mitigating climate change by storing large amounts of carbon dioxide.