Here, we provide a review of the direct effect of increasing CO2 on aquatic primary producers through its function as a source of carbon, focusing our analysis on the interpretation of this increase as an increase in the availability of a resource. This provides an interesting context to evaluate ecological and evolutionary theories relating to nutrient availability and leads us to: the assessment of theories about limitation of productivity and the integration of CO2 into the co-limitation paradigm; the prediction of community composition and of change in communities from known changes in the environment; and evaluation of the potential for evolutionary adaptation in conditions that increase growth.