Reversible and Selective CO2 to HCO2− Electrocatalysis near the Thermodynamic Potential

Reversible catalysis is a hallmark of energy‐efficient chemical transformations, but can only be achieved if the changes in free energy of intermediate steps are minimized and the catalytic cycle is devoid of high transition‐state barriers. Using these criteria, we demonstrate reversible CO₂/HCO₂^? conversion catalyzed by [Pt(depe)₂]²⁺ (depe=1,2‐bis(diethylphosphino)ethane). Direct measurement of the free energies associated with each catalytic step correctly predicts a slight bias towards CO₂ reduction. We demonstrate how the experimentally measured free energy of each step directly contributes to the <50 mV overpotential. We also find that for CO₂ reduction, H₂ evolution is negligible and the Faradaic efficiency for HCO₂^? production is nearly quantitative. A free‐energy analysis reveals H₂ evolution is endergonic, providing a thermodynamic basis for highly selective CO₂ reduction.