Despite the importance of peatlands for climate mitigation, there is only very limited experience regarding the systematic integration of peatland conservation and restoration and climate mitigation. This study aims to analyse if and to what extent voluntary emission certificates in the framework of a German national peatland fund could foster such an approach. This paper introduces the legal framework of climate mitigation policies and presents the specific characteristics of peatland conservation and restoration, and discusses the most important differences to related forest conservation and afforestation measures are discussed. It also analyses in detail eight selected funds for peatland and forest conservation and restoration which already exist or are currently planned. The analysis is structured along the following elements: project type, standards, methodology and certifiers, target groups and buyers, financing, and institutional set-up. Based on the previous analysis, the authors discuss the conceptual design options for a prospective national fund for peatland restoration and provide recommendations regarding the relevant design options.