The role of trace gases in the storage of heat in the atmosphere of the Earth and in the exchange of energy between the atmosphere and outer space is discussed. The molar heat capacities of the trace gases water vapor, carbon dioxide and methane are only slightly higher than those of nitrogen and oxygen. The contribution of trace gases carbon dioxide and methane to heat storage is negligible. Water vapor, with its higher concentration and conversion energies, contributes significantly to the heat storage in the atmosphere. Most of the heat in the Earth’s atmosphere is stored in nitrogen and oxygen, the main components of the atmosphere. The trace gases act as converters of infrared radiation into heat and vice versa. They are receivers and transmitters in the exchange of energy with outer space. The radiation towards space is favored compared to the reflection towards the surface of the Earth with increasing altitude by decreasing the density of the atmosphere and condensation of water vapor. Predictions of the development of the climate over a century by extrapolation are critically assessed.