Step 1: Understanding glycolysis.
Glycolysis is the breakdown of glucose into pyruvate in the cytoplasm.
Step 2: Analyzing the reactions.
ATP is both utilized and produced, and water is released.
CO$_2$ is released during decarboxylation steps of Krebs cycle, not glycolysis.
Step 3: Conclusion.
Hence, release of CO$_2$ is not involved in glycolysis.