Peat is a spongy material generated in wetlands such as swamps, muskegs, bogs, fens, and moors by the partial decomposition of organic matter, typically plant material. Warm moist climatic conditions favor peat formation; yet, peat can form even in cold places like Siberia, Canada, and Scandinavia. Peat is economically essential as a carbon sink, a source of fuel, and a raw material in horticulture and other industries, in addition to its significant ecological relevance.