Global peatland degradation is a major emission source (2 Gt CO2eq/yr), but it is often excluded from product carbon footprints or consumption-based emission inventories. The aim of this study was to analyze the impact of peatlands on the carbon footprints of countries and products. The analysis was performed by combining the updated Global Peatland Assessment emission inventory with the EXIOBASE 3 multiple-region input-output model and propagating the emissions from primary production to final demand of products. The structure of the network of production and consumption was analyzed by identifying the paths and nodes that had the highest embodied peatland emissions. Based on the analysis, the consumption-based emission inventory had hotspots in Indonesia, China, and Russia, where a few key sectors (construction, rice, and other foods) contributed to 31 % of the global peatland emissions. Unlike in many other environmental impact categories, Europe was a net exporter (104 Mt CO2eq/yr) of embodied peatland emissions and Africa & Middle East region was the largest net importer (64 Mt CO2eq/yr). The embodied peatland emissions are focused on agricultural and forestry products in the countries with the largest share of degraded peatlands. Products originating from peatlands can have multiple times higher carbon footprints than non-peatland farmed products. The societal cost of carbon (SCC) of peatland originating products can even be higher than the value of the products. Therefore including peatland emissions into product carbon footprints would create incentives for mitigating emissions. Local emission mitigation will require tailored combinations of rewetting, restoration, and paludiculture. As the current uses of peatlands are emission intensive and have low value added, the potential for cost-effective emission reduction is considerable.