According to Roger Pielke Sr, the answer is YES. He concludes: Thus the value of global warming of the last 4 years fails to agree with the IPCC projections (the values are not even close!). The agrument that this is too short of a time is spurious unless the modellers can account for where else in their model results the missing Joules went.
Moreover, this is not too short of a time period to compare with the models. Heat, unlike temperature at a single level as used to construct a global average surface temperature trend, is a variable in physics that can be assessed at any time period (i.e. a snapshot) to diagnose the climate system heat content. Temperature not only has a time lag, but a single level represents an insignificant amount of mass within the climate system.
The answer to the question on this weblog “Can the IPCC model projections of global warming be evaluated from just several years of observed data” is YES. The conclusion for the past four years is that the model projections are not skillful on this time period.
Roger Pielke Sr’s Climate Science Weblog: Can The IPCC Model Projections Of Global Warming Be Evaluated From Just Several Years Of Data?

Jennifer Marohasy BSc PhD has worked in industry and government. She is currently researching a novel technique for long-range weather forecasting funded by the B. Macfie Family Foundation.