Humlum, Ole, et al. "The phase relationship between atmospheric carbon dioxide and global warming," Global and Planetary Change, 2013. Available: http://tinyurl.com/bag3pfn

Abstract:

Using data series on atmospheric carbon dioxide and global temperatures we investigate the phase relation (leads/lags) between these for the period January 1980 to December 2011. Ice cores show atmospheric CO2 variations to lag behind atmospheric temperature changes on a century to millennium scale, but modern temperature is expected to lag changes in atmospheric CO2, as the atmospheric temperature increase since about 1975 generally is assumed to be caused by the modern increase in CO2. In our analysis we use eight well-known datasets: 1) globally averaged well-mixed marine boundary layer CO2 data, 2) HadCRUT3 surface air temperature data, 3) GISS surface air temperature data, 4) NCDC surface air temperature data, 5) HadSST2 sea surface data, 6) UAH lower troposphere temperature data series, 7) CDIAC data on release of anthropogene CO2, and 8) GWP data on volcanic eruptions. Annual cycles are present in all datasets except 7) and 8), and to remove the influence of these we analyze 12-month averaged data. We find a high degree of co-variation between all data series except 7) and 8), but with changes in CO2 always lagging changes in temperature. The maximum positive correlation between CO2 and temperature is found for CO2 lagging 11–12 months in relation to global sea surface temperature, 9.5–10 months to global surface air temperature, and about 9 months to global lower troposphere temperature. The correlation between changes in ocean temperatures and atmospheric CO2 is high, but do not explain all observed changes.