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Unfortunately the reverse is also true: polderization and exposing the peat to the air reverses that sink process. Single digit percentage of Dutch greenhouse emissions come from this. Fortunately, they are depolderizing and hopefully much of the Netherlands is given back to the sea so that environmental interests are preserved.

It takes a very long time to form, however. It's mostly another source of carbon that gets added to the atmosphere.

If you add enough heat, pressure and (geological) time it becomes coal!