Reversible hydrogen storage in the form of stable and mostly harmless chemical substances such as formic acid (FA) is a cornerstone of a fossil fuels‐free economy. In the past, we have reported a primary amine‐functionalized bifunctional iridium(III)‐PC(sp3)P pincer complex as a mild and chemoselective catalyst for the additive‐free decomposition of neat formic acid. In this manuscript, we report on the successful application of a redesigned complex bearing tertiary amine functionality as a catalyst for mild hydrogenation of CO2 to formic acid. The catalyst demonstrates TON up to 6·104 and TOF up to 1.7·104 h‐1. In addition to the practical value of the catalyst, experimental and computational mechanistic studies provide the rationale for the design of improved next‐generation catalysts.