Dehydrogenation of the dihydride (PNP)IrH2 with norbornylene in the presence of t-butyl methyl ether leads to formation of an iridium(I) Fischer carbene complex, (PNP)Ir C(H)(OBu)-Bu-t, by double C-H activation and loss of H-2. The square planar pincer-type carbene effects quantitative oxygen-atom transfer from CO2 (1 atm) at ambient temperature to generate t-butyl formate and (PNP)Ir-CO. The iridium carbene reacts similarly with carbonyl sulfide and phenyl isocyanate, causing sulfur-atom and nitrene-group transfer, respectively. In the absence of a hydrogen acceptor, thermolysis of (PNP)IrH2 in t-butyl methyl ether under an atmosphere of CO2 also results in the formation of (PNP)Ir -CO and oxidation of f-butyl methyl ether to t-butyl formate via an iridium carbene. Preliminary mechanistic studies indicate that these reactions proceed through an intermediate four-membered metallalactone.