In this study, we have explored the catalytic reactivities of four PNP-pincer supported Fe(II) complexes, namely, [(iPrPNMeP)FeH2(CO)] (1), [(iPrPNMeP)FeH(CO)(BH4)] (2), [(iPrPNHP)FeH2(CO)] (3), and [(iPrPNMeP)FeH(BH4)] (4) (iPrPNMeP = MeN{CH2CH2(PiPr2)}2 and iPrPNHP = HN{CH2CH2(PiPr2)}2) toward reductive CO2 hydrogenation for formate production. Our density functional theory and ab initio complete active space self-consistent field study have identified three fundamental steps in this catalytic transformation: (i) anchoring of the CO2 molecule in the vicinity of the metal using noncovalent interactions, (ii) catalyst regeneration via H2 cleavage, and (iii) formate rebound step leading to catalytic poisoning. The variations in the catalytic efficiency observed among these catalysts were attributed to either easing of steps (i) and (ii) or the hampering step (iii). This can be achieved in various chemical/non-chemical ways, for instance, (a) incorporation of strong-field ligands such as CO facilitating single-state reactivity and eliminating two-state reactivity that generally enhances the rate and (b) inclusion of Lewis acids such as LiOTf and strong bases found to either avoid catalytic poisoning or ease the H-H cleavages, to enhance the rate of reaction (c) evading mixing of excited open-shell singlet states to the ground closed-shell singlet state that hampers the catalytic regeneration. We have probed the role of oriented external electric fields (OEEFs) in the entire mechanistic profile for the best and worst catalyst, and our study suggests that imposing OEEFs opposite to the reaction axis (z-axis) fastens the catalytic regeneration step and, at the same time, hampers catalytic poisoning. The application of OEEFs is found to regulate the energetics of various spin states and can hamper two-state reactivity, therefore increasing the efficiency. Thus, this study provides insights into the CO2 hydrogenation mechanism where the role of bases/Lewis acid, ligand design, spin states, and electric field in a particular direction has been established and is, therefore, likely to pave the way forward for a new generation of catalysts.