Carbon dioxide (CO2) is a gaseous waste product from metabolism. The blood carries carbon dioxide to your lungs, where it is exhaled. More than 90% of it in your blood exists in the form of bicarbonate (HCO3). The rest of it is either dissolved carbon dioxide gas (CO2) or carbonic acid (H2CO3). Your kidneys and lungs balance the levels of carbon dioxide, bicarbonate, and carbonic acid in the blood. This test measures the level of bicarbonate in a sample of blood from a vein. Bicarbonate is a chemical that acts as a buffer. It keeps the pH of blood from becoming too acidic or too basic. Bicarbonate is not usually tested by itself. The test may be done on a blood sample taken from a vein as part of a panel of tests that looks at other electrolytes. These may include items such as sodium, potassium, and chloride. It can also be done as part of an arterial blood gas (ABG) test. For this blood gas study, the blood sample comes from an artery.