I believe it has to do with solar cycles. Apparently over the past 15-20 years or something, the sun has had a very active solar surface. After these decade plus long hot periods the sun goes through a period of almost no activity on the surface, which results in a solar sytem that is cooling.
This is only one aspect of it though Though world temperatures overall have cooled slightly over the past year or two, there may have been sufficient icecap melt so that the oceans effectively absorb just enough more energy to continue to melt the ice caps.
Think of a black Garbage bag out in the sun next to a white one. The black one absorbs all the energy, while the white one reflects it back into space.
When there is sufficient Ice cover on the poles, energy from the sun is bounced back into space, thus regulating the climate. When there is water not ice up there, the water absorbs much more solar energy, and thus warms the water temperature around the globe.
This causes bigger storms to blow and more energy gets transferred from the oceans into the air, thus increasing air temperatures as well.
Or something along those lines.
If there has been ice cap melt why have sea levels not risen?[/quote]
Because Ice takes up more volume than liquid and 80% of the ice caps are under the sea level. So even though there is some new water being added to the ocean, it is given room by the difference in the ice/water ratio for volume.