It would stimulate the growth of anaerobic bacteria (that is, bacteria whose metabolic functions don't depend on oxygen), and would over time lower the atmospheric pressure a bit by lowering the partial pressure of CO2 in the atmosphere.I've also heard of methods of CO2 sequestration that involve using old natural-gas or oil wells as sinks for carbon dioxide. Trap the gas underground where it can't escape and it'll just sit there.
Interestingly enough, it appears that larger animal life-forms might be attracted to CO2-rich water, even though the dissolution of the acid anhydride produces carbonic acid in water and lowers the pH.
The EPA has a report on an application to test the sequestration method, only to have found substantial public opposition. The research group withdrew the application.
A graphical description of the process.