The synthesis, characterization and application of a new complex, [Ir(κ2‐P,N‐6‐DCyPon*)(COD)] (1), where 6‐DCyPon* is the anionic species, 6‐dicyclohexylphosphino‐2‐oxo‐pyridinide, is reported herein. Complex 1 was found to be an active catalyst in the hydrogenation of CO2 at room temperature. The ligand, 6‐DCyPon*, is derived via deprotonation of a novel pro‐ligand, 6‐DCyPon (6‐dicyclohexylphosphino‐2‐pyridone) during the synthesis of 1. The ligand is shown to participate within the reversible hydrogenation of 1, via a cooperative process, in which the species, [IrH3(κ2‐P,N‐6‐DCyPon)(COD)] (2), was spectroscopically characterized, where 1 reacts with two equivalents of H2.