Transport of Carbon dioxide CO2 is carried by haemoglobin as carbaminohaemoglobin (about 20-25 per cent). This binding is related to the partial pressure of CO2 , pO2is a major factor which could affect this binding.
When pCO2 is high and pO2 is low as in the tissues, more binding of carbon dioxide occurs whereas, when the pCO2 is low and pO2 is high as in the alveoli, dissociation of CO2 from carbamino- haemoglobin takes place, i.e., CO2 which is bound to Haemoglobin from the tissues is delivered at the alveoli.
RBCs contain a very high concentration of enzyme, carbonic anhydrase and minute quantities of the same is present in the plasma too. This enzyme facilitates the following reaction in both directions.

At the tissue site where partial pressure of CO2 is high due to catabolism, CO2 diffuses into blood (RBCs and plasma) and forms HCO3 and H+. At the alveolar site where pCO2 is low, the reaction proceeds in the opposite direction leading to the formation of CO2 and H2O.
Thus CO2 trapped as bicarbonate at the tissue level and transported to the alveoli is released out as CO2 . Every 100 ml of deoxygenated blood delivers approximately 4ml of CO2 to the alveoli.