Hi,
HCO3- ions are formed by reaction of H2O and CO2 - so high level of bicarbonate ions indicate higher levels of CO2 this is the case in the metabolizing tissues where the process of respiration uses up oxygen and produces CO2.
In the lungs the blood must "get rid of" CO2 and "pick up" oxygen so by releasing HCO3- ions, we are effectively exhaling CO2 as a result, yeah?
There is a highly complex explanation as to how the intricately involved properties of haemoglobin achieve all this - if you are studying for a medical degree or a BSc in biology, let me know and I shall go through it for you, but for A level the above is sufficient.
M