<jats:title>SUMMARY</jats:title><jats:p>Scenarios of rising CO2 concentration in surface waters due to atmospheric accumulation of anthropogenic CO2, or in the deep sea due to anticipated industrial dumping of CO2, suggest that hypercapnia (elevated partial pressure of CO2) will become a general stress factor in aquatic environments, with largely unknown effects on species survival and well being, especially in cold and deep waters. For an analysis of CO2 effects at the cellular level, isolated hepatocytes were prepared from two representatives of the Antarctic fish fauna, Pachycara brachycephalum and Lepidonotothen kempi. Correlated changes in energy and protein metabolism were investigated by determining the rates of oxygen consumption at various levels of PCO2, of intra- and extracellular pH, and after inhibition of protein synthesis by cycloheximide. A decrease in extracellular pH (pHe) from control levels (pHe 7.90) to pHe 6.50 caused a reduction in aerobic metabolic rate of 34-37% under both normocapnic and hypercapnic conditions. Concomitantly, protein biosynthesis was inhibited by about 80%under conditions of severe acidosis in hepatocytes from both species. A parallel drop in intracellular pH probably mediates this effect. In conclusion, the present data indicate that elevated PCO2 may limit the functional integrity of the liver due to a pronounced depression in protein anabolism. This process may contribute to the limits of whole-animal tolerance to raised CO2levels.</jats:p>