CO2 is carried by haemoglobin as carbamino haemoglobin. This binding is related to the partial pressure of CO2. When PO2 is low as in the tissues and PCO2 is high, more carbon dioxide binding occurs whereas when PCO2 is low and PO2 is high as in the alveoli, dissociation of CO2 from carbamino haemoglobin takes place. RBC contains a high concentration of enzyme carbonic anhydrase that converts carbon dioxide to bicarbonates and vice versa.
CO2 diffuses the blood and forms bicarbonate ions. Thus CO2 is trapped as bicarbonate at the tissue level and transported to the alveoli and released out as CO2. A small amount of CO2 dissolves in the plasma water and forms acid. On reaching the lungs carbonic acid dissociates and releases carbon dioxide. So carbon dioxide is transported as carbamino-haemoglobin, bicarbonates and carbonic acid.