This report provides an assessment of both the demonstrated and underdeveloped potential of the deep-time geologic record to inform us about the dynamics of the global climate system. The report describes past climate changes, and discusses potential impacts of high levels of atmospheric greenhouse gases on regional climates, water resources, marine and terrestrial ecosystems, and the cycling of life-sustaining elements. While revealing gaps in scientific knowledge of past climate states, the report highlights a range of high priority research issues with potential for major advances in the scientific understanding of climate processes.