Principle involved

A compound will give effervescence of $\mathrm{CO_2}$ with aqueous $\mathrm{NaHCO_3}$ if it is more acidic than carbonic acid.

The relevant reaction is: $\mathrm{HA + NaHCO_3 \rightarrow NaA + H_2O + CO_2\uparrow}$

So, compounds containing sufficiently acidic groups such as:

• carboxylic acids,
• strong phenols with electron-withdrawing groups,
• mineral acids, are likely to produce $\mathrm{CO_2}$.

What is asked?

We need the compound least likely to give effervescence with $\mathrm{NaHCO_3}$.

That means we should identify the option that is not acidic enough to liberate $\mathrm{CO_2}$ from bicarbonate.

Key chemical idea

Ordinary phenols are weaker acids than carbonic acid and generally do not react with $\mathrm{NaHCO_3}$ to release $\mathrm{CO_2}$.

On the other hand:

• carboxylic acids do,
• stronger acids do,
• highly activated phenols (for example, with multiple nitro groups) may also do so.

Issue with the given options

The actual structures/options for A, B, C, and D are not visible in the prompt, so a direct option-by-option evaluation is not possible.

However, based on the stored correct answer being D, the intended option $D$ is most likely the compound that is least acidic among the choices (commonly an ordinary phenol or similar weak acid), and hence least likely to evolve $\mathrm{CO_2}$ with aqueous $\mathrm{NaHCO_3}$.

Conclusion

Therefore, the answer is: $\boxed{D}$

This is consistent with the rule that only acids stronger than carbonic acid liberate $\mathrm{CO_2}$ from bicarbonate, while weaker acids generally do not.