This article from the latest issue of the International Journal of Climatology concludes that observed warming is inconsistent with the theory of global warming being used to argue that current climate change is the result of human induced increases in greenhouse gas emissions. This is also the theory being used for modeling future climate change for designing policies that are currently being considered by the North Carolina Legislative Commission on Climate Change. According to the abstract:

Model results and observed temperature trends are in disagreement in most of the tropical troposphere, being separated by more than twice the uncertainty of the model mean…These conclusions contrast strongly with those of recent publications based on essentially the same data.

One of the co-author’s of the article, climatologist John Christy (U-Alabama Huntsville) states:

Satellite data and independent balloon data agree that atmospheric warming trends do not exceed those of the surface. Greenhouse models, on the other hand, demand that atmospheric trend values be 2-3 times greater. We have good reason, therefore, to believe that current climate models greatly overestimate the effects of greenhouse gases. Satellite observations suggest that GH models ignore negative feedbacks, produced by clouds and by water vapor, that diminish the warming effects of carbon dioxide.

A more extensive press release on the conclusions of the paper can be found on the web site of the Science and Environmental Policy Project.