## 3 Literature Review
#### 3.1.1 Policies Related to Peatland Restoration  
The Convention of Ramsar regulates wetland management policies internationally (since 1975) [53]. The Ramsar Convention is based on three principles: wetland smart usage, notification of the profound negative changes in wetlands, and provision of international cooperation regarding wetlands [54]. Despite the establishment of the Ramsar Convention, wetlands have been lost through drainage and degradation until today [54]. In the case of climate change mitigation policies, there are gaps in specific directions and rules in the Convention [54]. Some gaps arise concerning the defined wetland restoration aims and their generality regarding climate change mitigation [53]. There are some uncertainties in monitoring and evaluating the achievements of the farmer and landowner sides [54].  
Within the scope of the Directive of Water Framework, the EU has considered the ecological conditions of wetlands. Still, the Water Framework Directive directly emphasises water quality conservation as a crucial element of sustainability [53]. In 2019, the Directive of Water Framework was revised, establishing that climate change mitigation solutions will be sought through developing guidelines and adaptation practices [53]. In 2019, the United Nations Environment Assembly, in cooperation with the Convention of Ramsar, promoted the establishment of a worldwide peatland inventory [50].  
In the EU Biodiversity Strategy of the European Commission (revision 2020) [110], a vision for restoring nature in Europe, aimed at benefiting the environment, nature, and citizens, was set. Policies included in the strategy are aimed at preserving and restoring peatlands with an emphasis on the role of peat in carbon sequestration, as well as preserving valuable habitats for various species [21; 110].  
The United Nations' Sustainable Development Program has been established to promote peatland management in Europe for 2030 [49]. In its framework, specifically the Peatland Restoration program for sustainable water resources, it aims to increase knowledge for more sustainable decision-making. Support for peatland restoration as a priority in peatland conservation is the main aim of the program. Realising strategies and management activities for peatlands, the program will encourage the biological diversity of the peatland ecosystem and maintain previous conditions before drainage. The benefits of this program are also related to the increased well-being of the peatland ecosystem, including peatland fauna and flora [110].  
Globally predicted investments diverted to peatland restoration are approximately USD 19 billion yearly [64; 112]. In the year 2020, the Government of Scotland committed to investing more than EUR 250 million in the next ten years for peatland restoration [113; 114; 115]. Costs for peatland restoration can be long-term and short-term. Costs can be divided into capital costs for restoration and staff costs, including workers and costs regarding peatland restoration experts [117].  
In order to achieve the aims of national peatland strategies, there is a crucial role for private finance. One of the most significant financial sources for peatland restoration and the realisation of strategies is the European Agricultural Fund for Rural Development and the EU Common Agricultural Policy and EU Life Program. One of the options forrevenue from private investors is carbon finance. For the reduction of GHG emissions from peatlands, it is possible to obtain carbon certificates [31].