In this study, palladium is proposed as an active site for formic acid dehydrogenation reaction. Pd activity was modulated with Co metal with the final aim of finding a synergistic effect that makes possible efficient hydrogen production for a low noble metal content. For the monometallic catalysts, the metal loadings were optimized, and the increase in the reaction temperature and presence of additives were carefully considered. The present study aimed, to a great extent, to enlighten the possible routes for decreasing noble metal loading in view of the better sustainability of hydrogen production from liquid organic carrier molecules, such as formic acid.