The alternating copolymerization of CO2/epoxides is a useful means to incorporate high levels of carbon dioxide into polymers. The reaction is generally proposed to occur by bimetallic or bicomponent pathways. Here, the first indium catalysts are presented, which are proposed to operate by a distinct mononuclear pathway. The most active and selective catalysts are phosphasalen complexes, which feature ligands comprising two iminophosphoranes linked to sterically hindered ortho-phenolates. The catalysts are active at 1 bar pressure of carbon dioxide and are most effective without any cocatalyst. They show low-pressure activity (1 bar pressure) and yield polymer with high carbonate linkage selectivity (>99%) and isoselectivity (P-m > 70%). Using these complexes, it is also possible to isolate and characterize key catalytic intermediates, including the propagating indium alkoxide and carbonate complexes that are rarely studied. The catalysts are mononuclear under polymerization conditions, and the key intermediates show different coordination geometries: the alkoxide complex is pentacoordinate, while the carbonate is hexacoordinate. Kinetic analyses reveal a first-order dependence on catalyst concentration and are zero-order in carbon dioxide pressure; these findings together with in situ spectroscopic studies underpin the mononuclear pathway. More generally, this research highlights the future opportunity for other homogeneous catalysts, featuring larger ionic radius metals and new ligands, to operate by mononuclear mechanisms.