Yes, space satellites are used to monitor climate change, and can obtain very precise data. This type of science is known as remote sensing. Satellite images can be tweaked with software to show such things as glacial melting as well as the temperatures of water bodies, which are necessary for monitoring climate change.
The first satellite used for this purpose was developed in Europe in 2009. SMOS (the Soil Moisture and Ocean Salinity satellite as it is called) was set into orbit on November 2, 2009 and is meant to help survey water distribution and salinity throughout all stages of the water cycle. The crash of satellites Glory and OCO (Orbiting Carbon Observatory) are huge setbacks for earth science, and climatologists. Both were integral to NASA’s Earth observation program. The new 2011 budget cuts imposed by the Obama Administration cut funding to NASA but only insofar as space exploration, such as NASA’s back to the moon project known as Constellation. However, the budget does not cut federal funding for developing new space technologies.
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