The final effort of the CLIMAP project was a study of the last interglaciation, a time of minimum ice volume some 122,000 yr ago coincident with the Substage 5e oxygen isotopic minimum. Based on detailed oxygen isotope analyses and biotic census counts in 52 cores across the world ocean, last interglacial sea-surface temperatures (SST) were compared with those today. There are small SST departures in the mid-latitude North Atlantic (warmer) and the Gulf of Mexico (cooler). The eastern boundary currents of the South Atlantic and Pacific oceans are marked by large SST anomalies in individual cores, but their interpretations are precluded by no-analog problems and by discordancies among estimates from different biotic groups. In general, the last interglacial ocean was not significantly different from the modern ocean. The relative sequencing of ice decay versus oceanic warming on the Stage 6/5 oxygen isotopic transition and of ice growth versus oceanic cooling on the Stage 5e/5d transition was also studied. In most of the Southern Hemisphere, the oceanic response marked by the biotic census counts preceded (led) the global ice-volume response marked by the oxygen-isotope signal by several thousand years. The reverse pattern is evident in the North Atlantic Ocean and the Gulf of Mexico, where the oceanic response lagged that of global ice volume by several thousand years. As a result, the very warm temperatures associated with the last interglaciation were regionally diachronous by several thousand years. These regional lead-lag relationships agree with those observed on other transitions and in long-term phase relationships; they cannot be explained simply as artifacts of bioturbational translations of the original signals.

The 13C/12C ratios of Upper Holocene benthic foraminiferal tests (genera Cibicides and Uvigerina) of deep sea cores from the various world ocean basins have been compared with those of the modern total carbon dioxide (TCO2) measured during the GEOSECS program. The δ13C difference between benthic foraminifera and TCO2 is 0.07 ± 0.04‰ for Cibicides and −0.83 ± 0.07‰ for Uvigerina at the 95% confidence level. δ13C analyses of the benthic foraminifera that lived during the last interglaciation (isotopic substage 5e, about 120,000 yr ago) show that the bulk of the TCO2 in the world ocean had a δ13C value 0.15 ± 0.12‰ lower than the modern one at the 95% confidence level, reflecting a depletion, compared to the present value, of the global organic carbon reservoir. Regional differences in δ13C between the various oceanic basins are explained by a pattern of deep water circulation different from the modern one: the Antarctic Bottom Water production was higher than today during the last interglaciation, but the eastward transport in the Circumpolar Deep Water was lower.

The deglacial transition between oxygen-isotope Stages 6 and 5e (about 127,000 yr B.P.) is marked by both oxygen isotopic depletion and estimated sea-surface temperature (SST) increase in two subantarctic Indian Ocean cores. The data show synchroneity between warming of foraminifera-based SST estimates and depletion of δ18O, but an earlier warming trend on the basis of radiolarian SST estimates. These data have been previously interpreted to indicate that the high-latitude Southern Ocean warms prior to significant melting of glacial-age ice sheets. Comparison of core-top assemblages with surface and subsurface conditions in the Southern Indian Ocean reveals that (1) a three-part foraminiferal zonation reflects the surface hydrographic regime, with abrupt faunal transitions at two major fronts: the Subtropical Convergence (STC) and the Antarctic Polar Front (APF); and (2) a two-part radiolarian zonation coincides with a two-part subsurface hydrographic regime, with an abrupt faunal transition corresponding to the southern terminus of subtropical lower water (STLW) between the STC and the APF. It is suggested that shifts of these surface and subsurface regimes are recorded by these foraminiferal and radiolarian assemblages. In this interpretation, the observed lead of radiolarian SST with respect to δ18O indicates an early response to a southward shift of STLW, while the later foraminiferal SST warming indicates a southward shift of the STC. Thus, the origin of the Southern Hemisphere SST lead may be related to STLW, which emanates from the subtropical gyres, rather than the polar regions.