The present disclosure relates to a new catalytic process for the production of methanol from carbon dioxide, comprising: (1) the conversion of carbon dioxide and hydrogen to formic acid or formate salts; (2) converting the formic acid or formate salts to diformate esters of diols; (3) hydrogenating the diformate esters to methanol and diols. The diols produced from the hydrogenation reaction can be recovered and re-used to prepare the diformate esters.