A low-order stochastically forced two-layer global energy balance model (EBM) admitting an analytical solution is developed for studying natural inter-annual, decadal and multi-decadal climate variability, and ultimately to better understand forced climate change. The EBM comprises upper and lower oceanic layers with a diffusive coupling, a radiative damping term including feedbacks and stochastic atmospheric forcing. The EBM is used to analyse the influence of radiative forcing, feedbacks and climate system inertia on the global mean surface temperature variance (climate variability) and to understand why Coupled Model Intercomparison Project, Phase 5 (CMIP5) models exhibit such a wide range in the level of variability in globally averaged...