The (PNP)IrH 3 (2,6-bis(diisopropylphosphinomethyl)pyridine iridium trihydride) complex by Nozaki is a highly active and selective catalyst for CO 2 hydrogenation to formic acid in aqueous KOH. Previous theoretical investigations found that regeneration of the catalyst is the rate-determining step in this reaction. In the current article we present results from a computational study using density functional theory in order to consider the possibility of sequential insertion of two CO 2 molecules in two Ir−H bonds before the reaction with hydrogen. We found that insertion of a second CO 2 molecule is indeed possible; moreover, this sequential insertion allows formation of a more electrophilic iridium monohydride intermediate, and thereby the process of H 2 cleavage is facilitated. In addition, we considered the influence of ligands coplanar with the PNP ligand on the energy of CO 2 insertion into the (PNP)IrH 2 X complex and found that σand π-donating ligands promote the reaction.