In excess CO₂ conditions, chloroplasts experience increased acidity, adversely affecting proteins needed for photosynthesis. This leads to a decrease in the formation of NADPH by the light reactions. Therefore, the correct answer is D.
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An excess of carbon dioxide in chloroplasts can increase acidity, affecting protein function and leading to a decrease in NADPH formation during the light reactions of photosynthesis. This disrupts the processes necessary for synthesizing sugars in the Calvin cycle. Therefore, the most likely consequence is a decrease in NADPH production. ;