SUMMARYParmelia sulcata Taylor was used as a model to examine the efFects of elevated CO.^ and/or O^ on green algal lichens. Tballi were exposed for 30 d in duplicate controlied-environment chambers to two atmospheric concentrations of CO^ ('ambient' [350 /(mol mol '] and 'elevated ' [700 //mol mol"'] 24 h d"') and two O,, regimes ('non-polluted' air [CF, < 5 nmol mol"'] and 'polluted' air [15nmQlmol"' overnight rising to a midday maximum of 75 nmol mol"']). in a factorial design. Elevated CO^ or elevated Oj depressed the light saturated rate of COj assimilation (-4^^,) measured at ambient CO.^ by 30 "" and 18 "", respectively. However, despite this efTect ulfrastrucfura) studies revealed increased Jipid axorage in ce]]s oi the phoEobJonr in response to CO^-enrichment. Simultaneous exposure to elevated O^ reduced CO.,-induced lipid accumulation and reduced -4,^, in an additive manner. Gold-antibody labelling revealed that the decline in photosynthetic capacity induced by elevated CO, and/or O^ was accompanied by a parallel decrease in the concentration of Rubisco in the algal pyrenoid (r = 0-93). Interestingly, differences in the amount of Rubisco protein were not correlated with changes in pyrenoid volume. Measurements of in vivo chlorophyll-fluorescence induction kinetics showed that the decline in ,4^^^ induced by elevated CO., and/or O^ was not associated with significant changes in the photochemical efficiency of photosystem (PS) II. Although the experimental conditions inevitably imposed some stress on the thalli, revealed as a significant decline in the efficiency of PS II photochemistry, and enhanced starch accumulation in the photobiont over the fumigation period, the study shows tbat tbe green-algal lichen symbiosis might be influenced by future changes in atmospheric composition. Pbotosynthetic capacity, measured at ambient CO,, was found to be reduced after a controlled 30 d exposure to elevated CO^ and/or O,^ and this efTect was associated with a parallel decline in tbe amount of Rubisco in the pyrenoid of algal chloropiasts.