The catalytic reactivity of molecular Rh(III)/Ir(III) catalysts immobilized on two- and three-dimensional Bipyridine-based Covalent Triazine Frameworks (bpy-CTF) for the hydrogenation of CO2 to formate has been described. The heterogenized Ir complex demonstrated superior catalytic efficiency over its Rh counterpart. The Ir catalyst immobilized on two-dimensional bpy-CTF showed an improved turnover frequency and turnover number compared to its three-dimensional counterpart. The two-dimensional Ir catalyst produced a maximum formate concentration of 1.8 M and maintained its catalytic efficiency over five consecutive runs with an average of 92% in each cycle. The reduced activity after recycling was studied by density functional theory calculations, and a plausible leaching pathway along with a rational catalyst design guidance have been proposed.