Wetlands supply a range of values for ecosystem function and human well-being. Yet as climate change rapidly becomes a reality, wetlands are increasingly drawing attention for a different reason: they have vast potential for storing atmospheric carbon. So far, investigations of the carbon sequestration capacity of wetlands have concentrated on coastal or ‘blue carbon’ wetlands (i.e. seagrasses, saltmarshes, and mangroves). But in fact, estimates identify inland wetlands as the earth’s largest store of terrestrial carbon; they contain 33% of the soil carbon pool, yet occupy a mere 6–8% of the land surface. Despite this potentially extreme worth, wetlands have historically been underappreciated; since European settlement, Victoria has seen widespread losses of wetlands through agricultural development, urban development, and water extraction. Crucially, wetland loss and degradation has two major consequences: the loss of carbon sequestration capacity; and the potential release of ancient carbon back into the atmosphere – an impact that effectively transforms wetlands from carbon sinks, into carbon sources. The purpose of this study was to survey the carbon stocks of Victoria’s inland wetlands (n = 103). At least 10 wetlands were chosen within each of the ten Victorian Catchment Management Authority regions and from a range of wetland types. Sampling involving taking soil cores (to 1 m; n = 5 cores per wetland) and analysing the organic/inorganic carbon content (via MIR and a CHN analyser) at different depths (n = 6) in each core. Average sediment carbon stocks were highest in alpine peatlands, and were significantly lower in permanent open freshwater wetlands. Using this data, we have estimated significant carbon emissions that may have resulted from wetland loss since European settlement. From here, I will also highlight opportunities to avoid carbon emissions, and to make significant carbon offsets, through protection and rehabilitation of wetland habitats.