H 2 storage in carbon dioxide (CO 2 ) or bicarbonate (HCO 3 − ) in the form of formic acid (HCO 2 H) or formate (HCO 2 − ) and the reverse H 2 liberation allows, in principle, to develop a rechargeable hydrogen carrier system along with a CO 2 -recycling mechanism. The key to such an alluring approach toward the realization of a carbonneutral H 2 -based fuel option is the development of efficient bidirectional catalysts for CO 2 (or HCO 3 − ) hydrogenation and HCO 2 H (or HCO 2 − ) dehydrogenation. With an aim toward (i) structurally robust catalysts under variable reaction conditions, (ii) metal− ligand bifunctionality-triggered heterolytic H 2 splitting and H + /H − transfer during hydrogenation/dehydrogenation reactions, (iii) electron-rich catalytic metal center for facilitating hydride delivery, and (iv) water solubility of the catalysts via second coordination sphere interactions, herein, we applied a series of "cyclic amide−NHC" hybrid bidentate ligand-bound Cp*Ir(III) complexes (Ir-1−Ir-4) in bidirectional hydrogenation−dehydrogenation of CO 2 (HCO 3 − )/HCO 2 H (HCO 2 − ) couple in water as a "green" solvent without the use of organic additives/solvents. Notably, with the catalyst Ir-1, hydrogenation of CO 2 achieving a turnover number (TON) of 16 680 at 60 °C in 6 h and dehydrogenation of formic acid with a turnover frequency (TOF 5min ) of 70 674 h −1 at 80 °C can be efficiently carried out. Key control and mechanistic studies emphasized the following aspects of the current system: (i) pH of the solution played a crucial role in controlling the rate of hydrogenation/dehydrogenation reactions, (ii) H 2 was cleaved readily by the catalyst to form the iridium hydride intermediate, which could react with CO 2 to furnish the formate product, (iii) pH (acid/base)-switchable on-demand formic acid dehydrogenation was devised, and (iv) the liberated H 2 and CO 2 gas from the Ir-1-catalyzed formic acid dehydrogenation reaction were reutilized in secondary reactions in a tandem fashion, signifying the suitability of the system to demonstrate the utility of formic acid as a typical H 2 /CO 2 storage liquid, as it is advocated for.