According to Henrik Svensmark, Professor, Technical University of Denmark, Copenhagen. There is a strong link between the sun activity and earth temperature...
“In fact global warming has stopped and a cooling is beginning. No climate model has predicted a cooling of the Earth – quite the contrary. And this means that the projections of future climate are unreliable,” writes Henrik Svensmark.Read the translation here, original in danish
Nasa is also documenting the progression of slowing sun spot activities
If sunspots do go away, it wouldn't be the first time. In the 17th century, the sun plunged into a 70-year period of spotlessness known as the Maunder Minimum that still baffles scientists. The sunspot drought began in 1645 and lasted until 1715; during that time, some of the best astronomers in history (e.g., Cassini) monitored the sun and failed to count more than a few dozen sunspots per year, compared to the usual thousands.
The intensity of the sunspots magnetic fields are in decline. What does that mean is up to debate obviously. But reading all reports and theory point to one conclusion... We could be cooling for some time.
Wikipedia entry on this period:
During the period 1645–1715, in the middle of the Little Ice Age, there was a period of low solar activity known as the Maunder Minimum
UPDATE: World's climate could cool first, warm later
Mojib Latif of Germany's Leibniz Institute, one of the leading climate modellers in the world, lead author for for the IPCC conceded the Earth has not warmed for nearly a decade and that we are likely entering "one or even two decades during which temperatures cool."Read the full reports here: Source1, Source2
For the past dozen years, since the Kyoto accords were signed in 1997, it has been beaten into our heads with the force and repetition of the rowing drum on a slave galley that the Earth is warming and will continue to warm rapidly through this century until we reach deadly temperatures around 2100.
How can Prof. Latif and the others state with certainty that after this long and unforeseen cooling, dangerous man-made heating will resume? They failed to observe the current cooling for years after it had begun, how then can their predictions for the resumption of dangerous warming be trusted?
My point is they cannot.
Solar Cycle Driven by More than Sunspots; Sun Also Bombards Earth with High-Speed Streams of Wind : Source