Delayed global warming? The concentrations of carbone dioxid and global temperature does not fit together in multidecadal scale because of the variations of solar activity and possibly even structure of solar magnetic field. The primary causes are still unclear but the fluctuations of Pacific Decadal and Atlantic Multidecadal Oscillations seems to be responsible for 20-30 years lasting climate shifts. The world did not warm up in the last ten years as one would expect. We might be entering a new aprox. 30 year long climate phase when two climatic giants - Greenhouse Warming and Oceanic Cooling will fight together to form highly variable but possibly generally colder climate.