An increase in the concentration of dissolved carbon dioxide ($CO_2$) in the blood triggers a series of chemical reactions that affect blood acidity.
Carbon dioxide dissolves in blood and reacts with water ($H_2O$) primarily within red blood cells, catalyzed by the enzyme carbonic anhydrase. This forms carbonic acid ($H_2CO_3$), which then dissociates:
$CO_2 + H_2O \rightleftharpoons H_2CO_3 \rightleftharpoons H^+ + HCO_3^-$
This reaction explains how $CO_2$ influences hydrogen ion ($H^+$) and bicarbonate ion ($HCO_3^-$) concentrations.
As the concentration of dissolved $CO_2$ rises:
Blood pH is a measure of its acidity, defined as the negative logarithm of the hydrogen ion concentration:
$pH = -\log_{10}[H^+]$
A higher concentration of $H^+$ ions results in a lower pH value. Thus, increased $CO_2$ leads to a decrease in blood pH, making the blood more acidic (a condition known as respiratory acidosis).
Consequently, the primary effect of increased dissolved $CO_2$ is a decrease in blood pH.