Climate change is governed by changes to the global energy balance. At the top of the atmosphere, this balance is monitored globally by satellite sensors that provide measurements of energy flowing to and from Earth. By contrast, observations at the surface are limited mostly to land areas. As a result, the global balance of energy fluxes within the atmosphere or at Earth's surface cannot be derived directly from measured fluxes, and is therefore uncertain. This lack of precise knowledge of surface energy fluxes profoundly affects our ability to understand how Earth's climate responds to increasing concentrations of greenhouse gases. In light of compilations of up-to-date surface and satellite data, the surface energy balance needs to be revised. Specifically, the longwave radiation received at the surface is estimated to be significantly larger, by between 10 and 17 Wm-2, than earlier model-based estimates. Moreover, the latest satellite observations of global precipitation indicate that more precipitation is generated than previously thought. This additional precipitation is sustained by more energy leaving the surface by evaporation -- that is, in the form of latent heat flux -- and thereby offsets much of the increase in longwave flux to the surface.