Over the past 15 years air temperatures at the Earth’s surface have been flat while greenhouse-gas emissions have continued to soar. The world added roughly 100 billion tonnes of carbon to the atmosphere between 2000 and 2010. That is about a quarter of all the CO? put there by humanity since 1750. And yet, as James Hansen, the head of NASA’s Goddard Institute for Space Studies, observes, “the five-year mean global temperature has been flat for a decade.”

Temperatures fluctuate over short periods, but this lack of new warming is a surprise. Ed Hawkins, of the University of Reading, in Britain, points out that surface temperatures since 2005 are already at the low end of the range of projections derived from 20 climate models (see chart 1). If they remain flat, they will fall outside the models’ range within a few years.

The mismatch between rising greenhouse-gas emissions and not-rising temperatures is among the biggest puzzles in climate science just now. It does not mean global warming is a delusion. Flat though they are, temperatures in the first decade of the 21st century remain almost 1°C above their level in the first decade of the 20th. But the puzzle does need explaining.

The mismatch might mean that--for some unexplained reason--there has been a temporary lag between more carbon dioxide and higher temperatures in 2000-10. Or it might be that the 1990s, when temperatures were rising fast, was the anomalous period. Or, as an increasing body of research is suggesting, it may be that the climate is responding to higher concentrations of carbon dioxide in ways that had not been properly understood before. This possibility, if true, could have profound significance both for climate science and for environmental and social policy.

All emphasis mine. I will add that if the models are wrong, the scientists defining those models have also been wrong (or at the very least they have had insufficient information to build models with sufficient predictive capability). Via Climate science: A sensitive matter | The Economist and PowerLine (where there is more commentary).