The feasibility of a Dual Function Material (DFM) with a versatile catalyst offering switchable chemical synthesis from carbon dioxide (CO₂), was demonstrated for the first time, showing evidence of the ability of these DFMs to passively capture CO₂ directly from the air as well. These DFMs open up possibilities in flexible chemical production from dilute sources of CO₂, through a combination of CO₂ adsorption and subsequent chemical transformation (methanation, reverse water gas shift or dry reforming of methane). Combinations of Ni Ru bimetallic catalyst with Na₂O, K₂O or CaO adsorbent were supported on CeO₂ – Al₂O₃ to develop flexible DFMs. The designed multicomponent materials were shown to reversibly adsorb CO₂ between the 350 and 650^oC temperature range and were easily regenerated by an inert gas purge stream. The components of the flexible DFMs showed a high degree of interaction with each other, which evidently enhanced their CO₂ capture performance ranging from 0.14 to 0.49 mol/kg. It was shown that captured CO₂ could be converted into useful products through either CO₂ methanation, reverse water-gas shift (RWGS) or dry reforming of methane (DRM), which provides flexibility in terms of co-reactant (hydrogen vs methane) and end product (synthetic natural gas, syngas or CO) by adjusting reaction conditions. The best DFM was the one containing CaO, producing 104 μmol of CH₄/kg_DFM in CO₂ methanation, 58 μmol of CO/kg_DFM in RWGS and 338 μmol of CO/kg_DFM in DRM.