Grasslands cover about 40% of the ice‐free global terrestrial surface, but their quantitative importance in global carbon exchange with the atmosphere is still highly uncertain, and thus their potential for carbon sequestration remains speculative. Here, we report on CO 2 exchange of an extensively used mountain hay meadow and pasture in the Swiss pre‐Alps on high‐organic soils (7–45% C by mass) over a 3‐year period (18 May 20...