Climate sensitivity is the equilibrium temperature change in response to changes of the radiative forcing. Therefore, climate sensitivity depends on the initial climate state, but potentially can be accurately inferred from precise palaeoclimate data. Slow climate feedbacks, especially changes of ice sheet size and atmospheric CO2, amplify the total Earth system sensitivity by an amount that depends on the time scale considered.
Although climate sensitivity is usually used in the context of radiative forcing by carbon dioxide (CO2), it is thought of as a general property of the climate system: the change in surface air temperature (ΔTs) following a unit change in radiative forcing (RF), and thus is expressed in units of °C/(W/m2). For this to be useful, the measure must be independent of the nature of the forcing (e.g. from greenhouse gases or solar variation); to first order this is indeed found to be so.
The climate sensitivity specifically due to CO2 is often expressed as the temperature change in °C associated with a doubling of the concentration of carbon dioxide in Earth's atmosphere.
For coupled atmosphere-ocean global climate models (e.g. CMIP5) the climate sensitivity is an emergent property: it is not a model parameter, but rather a result of a combination of model physics and parameters. By contrast, simpler energy-balance models may have climate sensitivity as an explicit parameter.