
Erin H. answered 01/30/22
College Anatomy & Physiology, Biology, and Genetics Tutor
You're on the right track with the catabolism of ATP releasing CO2.
In the red blood cells, CO2 is combined with water to form H2CO3 (carbonic acid) and almost immediately degrades into (H+) hydrogen ion and (HCO3-) bicarbonate ion.
The increased presence of (H+) lowers the pH. If you need a deeper explanation of the relationship between the hydrogen ion and pH, there are plenty of resources on Google, or you can ask a chemistry tutor here :)