CO 2 reduction is typically performed at neutral pH. Under these conditions CO 2 is in equilibrium with H 2 CO 3 , HCO 3 À and CO 3 2À . However, despite their presence so far most studies solely focus on the contribution of CO 2 while carbonate species as alternative reactants are generally neglected. Using density functional theory (DFT) modelling we explore the possible contribution of these carbonate species to the overall CO 2 reduction activity for a Fe porphyrin model catalyst. Considering only reaction Gibbs free energies, we find the reduction of carbonic acid (H 2 CO 3 ), bicarbonate (HCO 3 À ) and CO 2 to be equally likely. However, owing to a very high activation barrier for the initial adsorption of CO 2 onto the catalyst, bicarbonate and carbonic acid reduction are found to be several orders of magnitude faster. These data are used to model the pH dependence of the reaction rates of the different reactants. These results confirm that carbonic acid and bicarbonate are the most likely reactants independent of the pH and reactor setup.