We report the development of a hybrid catalyst consisting of carbon nitride (CN x ) and cobalt phthalocyanine tetracarboxylic acid (CoPc-COOH), which converts CO 2 to CO with high reaction rate (1067 μmol/g•h) and high selectivity (over 98%), under simulated solar irradiation. The carboxylic acid substituents on the phthalocyanine ligands play a critical role as they bind to the amine groups of CN x to enable nearly ideal monolayer coverage of the molecular cocatalyst on the semiconductor surface and promote catalytic activity from the molecular complex. Specifically, the CN x / CoPc-COOH hybrid material achieves a reaction rate 16 times higher than a CN x material containing unsubstituted CoPc molecules. We further show that activation and deactivation of the CN x / CoPc-COOH composite, which are associated with the reduction and decomposition of CoPc-COOH, respectively, both proceed at a nearly constant rate regardless of the CO 2 reduction reaction rate. The decoupling of charge carrier injection and CO 2 reduction catalysis has important mechanistic implications for future performance optimization and materials design of photocatalysts for CO 2 reduction.