As I posted in another thread...I used more peat moss on my lawn last year than in all my CPs.
I'm much more concerned with issues such as commercial car washes being able to run during heavy water restrictions than I am about the peat renewable issue. I can easily grow/compost my own peat/sphagnum for my plants if/when its needed.
There are a ton of good replacement products already out there if you feel the need to switch over, but all that peat is not going to CP/orchid/ect growers...its going on lawns/landscaping.
If you really want to get depressed look at what gold mining is doing...and they are not even concerned about anything renewable...just strip mining, run off into streams/rivers.