Abstract We construct a long-term record of top of atmosphere (TOA) shortwave (SW) albedo of clouds and aerosols from 340-nm radiances observed by NASA and NOAA satellite instruments from 1980 to 2013. We compare our SW cloud+aerosol albedo with simulated cloud albedo from both AMIP and historical CMIP6 simulations from 47 climate models. While most historical runs did not simulate our observed spatial pattern of the trends in albedo over the Pacific Ocean, four models qualitatively simulate our observed patterns. Those historical models and the AMIP models collectively estimate an equilibrium climate sensitivity (ECS) of ∼3.5°C, with an uncertainty from 2.7° to 5.1°C. Our ECS estimates are sensitive to the instrument calibration, which drives the wide range in ECS uncertainty. We use instrument calibrations that assume a neutral change in reflectivity over the Antarctic ice sheet. Our observations show increasing cloudiness over the eastern equatorial Pacific and off the coast of Peru as well as neutral cloud trends off the coast of Namibia and California. To produce our SW cloud+aerosol albedo, we first retrieve a black-sky cloud albedo (BCA) and empirically correct the sampling bias from diurnal variations. Then, we estimate the broadband proxy albedo using multiple nonlinear regression along with several years of CERES cloud albedo to obtain the regression coefficients. We validate our product against CERES data from the years not used in the regression. Zonal mean trends of our SW cloud+aerosol albedo show reasonable agreement with CERES as well as the Pathfinder Atmospheres–Extended (PATMOS-x) observational dataset. Significance Statement Equilibrium climate sensitivity is a measure of the rise in global temperature over hundreds of years after a doubling of atmospheric CO2 concentration. Current state-of-the-art climate models forecast a wide range of equilibrium climate sensitivities (1.5°–6°C), due mainly to how clouds, aerosols, and sea surface temperatures are simulated within these models. Using data from NASA and NOAA satellite instruments from 1980 to 2013, we first construct a dataset that describes how much sunlight has been reflected by clouds over the 34 years and then we compare this data record to output from 47 climate models. Based on these comparisons, we conclude the best estimate of equilibrium climate sensitivity is about 3.5°C, with an uncertainty range of 2.7°–5.1°C.