"Even if the atmospheric temperature near the earth's surface has become cooler recently, that doesn't mean the planet as a whole isn't heating up.
what matters is how much heat is gained or lost by the entire planet - what climate scientists call the "top of the atmosphere" radiation budget - and falling surface temperatures do not prove that the entire planet is losing heat.
Water stores an immense amount of heat compared with air. It takes more than 1000 times as much energy to heat a cubic metre of water by 1 degree Centigrade as it does the same volume of air. Since the 1960s, over 90% of the excess heat due to higher greenhouse gas levels has gone into the oceans, and just 3% into warming the atmosphere (see figure 5.4 in the IPCC report (PDF)).
Globally, this means that if the oceans soak up a bit more heat energy than normal, surface air temperatures can fall even though the total heat content of the planet is rising. Conversely, if the oceans soak up less heat than usual, surface temperatures will rise rapidly.
This is why surface temperatures do not necessarily rise steadily year after year, even though the planet as a whole is heating up a bit more every year. Most of the year-to-year variability in surface temperatures is due to heat sloshing back and forth between the oceans and atmosphere, rather than to the planet as a whole gaining or losing heat."
from;
http://environment.newscientist.com/channel/earth/climate-change/dn14527-climate-myths-global-warming-stopped-in-1998.html
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