The strong sensitivity of the Earth's radiation balance to variations in the lower stratospheric ozone—reported previously—is analysed here by the use of non-linear statistical methods. Our non-linear model of the land air temperature (T)—driven by the measured Arosa total ozone (TOZ)—explains 75% of total variability of Earth's T variations during the period 1926–2011. We have analysed also the factors which could influence the TOZ variability and found that the strongest impact belongs to the multi-decadal variations of galactic cosmic rays. Constructing a statistical model of the ozone variability, we have been able to predict the tendency in the land air T evolution till the end of the current decade. Results show that Earth is facing a weak cooling of the surface T by 0.05–0.25 K (depending on the ozone model) until the end of the current solar cycle. A new mechanism for O 3 influence on climate is proposed.