As the government push to accelerate industrial development for economic growth continues, peatlands across Canada are increasingly at risk. Many major projects for energy (natural gas, oil pipelines, industrial carbon capture and storage), mining (including for critical minerals), and transport (roads, rail) are located within peatland landscapes. These carbon-rich wetlands are critical for global climate regulation, water security and climate resilience, wildfire management, and biodiversity, but with increasing peatland loss and disturbance we lose these vital services. Here we quantify the risks of major projects and other industrial developments on peatlands across Canada, including likely impacts on carbon and climate, water resources, and biodiversity. We identify opportunities for avoidance, and for minimising and mitigating long-term impacts of construction and development on peatlands. We also highlight policy options for improving peatland protection, restoration, and stewardship alongside socially and environmentally responsible climate-smart industrial development.