The role of the coinage metal in monomeric hydride complexes for the reduction of carbon dioxide to formate has been computationally addressed in this work. The common reaction mechanism, i.e. a concerted M‐H (M = Cu, Ag, Au) bond attack to the CO2 carbon atom with one oxygen atom coordinating to the metal center, has been analyzed, revealing a kinetically less favorable reactivity for the gold‐hydride complex. A thorough computational investigation discloses that, while all complexes feature covalent electron‐sharing M‐H bonds, copper‐ and silver‐hydride complexes display a relevant M(δ+)‐H(δ‐) bond polarization, which enables an enhanced basicity of the hydride and, thereby, a more kinetically favorable CO2 reduction process. This study provides useful guidelines for the design of monomeric metal hydride complexes as promising candidates for the CO2 reduction.