Why did global temperature averages drop recently while the co2 level remains the same or higher?

Clearly as the temperature rises, CO2 levels increase after several hundred year lag. This added CO2 (and the human emissions) should increase the temperatures somewhat though the increase is generally less than the natural fluctuations. This is demonstrated by the fact that the earth has gone through several cycles where increasing CO2 did not cause run away temperature increases. In my opinion, there is no reason to believe that human emissions of CO2 will do that either. There is no good reason to believe that human emissions of CO2 will do anything except moderate the temperature slightly with theoretical increases of a degree or two (debatable) from whatever the natural trend would have been. Clearly, they cannot predict that CO2 results in warmer temperatures since it has not been proven to significantly drive temperature changes.