True and not true. The thing to remember is the pH and alkalinity are intimately connected. In other words, in a reef tank, a pH change is almost certainly going to correspond to an alkalinity change, and vice versa, even if we are not detecting this due to limitations on testing or the kinetics with which this is happening. pH levels are affected by ambient CO2 levels, via conversion to carbonic acid. This species is a key player in the Carbonate <-> bicarbonate <-> carbonic acid equilibrium in the tank. A Basic chemical principle is that in a state of multiple equilibria, all must be satisfied. In other words, if the ambient CO2 level rises, then the pH drops, and the equilibrium concentrations of one or more of the above must change to compensate.