Hardly any industrial process can utilize CO2 directly as a raw material. Potent catalysts are required to overcome its thermodynamic and kinetic barrier. The ERC-funded project CARBOFLOW focuses on the photocatalytic reduction of CO2 to CO. The reactivity of formed CO needs to be explored before finally developing a streamlined and continuous process for the direct formation of carbonyl compounds from CO2. We envision that the photocatalytic activation of carbon dioxide in combination with the positive features of tailored ionic liquids as co-catalysts may overcome problems currently associated with CO2 utilization, eventually replacing the long-standing bastion of CObased carbonylation chemistry with novel solutions.