Late transition metals, such as cobalt (Co), display dual functionality, participating in both oxygen evolution and hydrogen peroxide production. This is due to the existence of closely matched free energy profiles for each of these pathways. It is noteworthy that Ni displays a pronounced tendency for oxygen evolution, exhibiting a clear preference for the OER pathway. A molecular orbital analysis indicates that hole localization, which is associated with polaronic effects, enhances the evolution of hydrogen peroxide by creation of the strong σ bond for metal-oxo