This report presents a natural capital assessment and investment appraisal of two peatland restoration projects in Northern Ireland: the Garron Plateau, a large upland peatland, and Montiaghs Moss, a smaller lowland peatland. The project was commissioned by RSPB Northern Ireland and funded by DAERA. Using a natural capital framework, the project aimed to identify and assess existing natural capital assets, the flow of services from them, and the monetary value of the resultant benefits. A schedule of restoration works was prepared for both sites and the capital and maintenance costs were calculated. A cash flow was then created, taking into account the change in benefits as the sites were restored, and the costs of the works as they occurred, and projected over 50 years. The cash flow was summed to give the total net natural capital asset value and the cost benefit ratio. Impact on employment was also briefly assessed, and a stakeholder analysis and assessment of likely winners and losers was completed.