We present several equilibrium runs under varying atmospheric CO₂ concentrations using the University of Victoria Earth System Climate Model (UVic ESCM). The model shows two very different responses: for CO₂ concentrations of 400 ppm or lower, the system evolves into an equilibrium state. For CO₂ concentrations of 440 ppm or higher, the system starts oscillating between a state with vigorous deep water formation in the Southern Ocean and a state with no deep water formation in the Southern Ocean. The flushing events result in a rapid increase in atmospheric temperatures, degassing of CO₂ and therefore an increase in atmospheric CO₂ concentrations, and a reduction of sea ice cover in the Southern Ocean. They also cool the deep ocean worldwide. After the flush, the deep ocean warms slowly again and CO₂ is taken up by the ocean until the stratification becomes unstable again at high latitudes thousands of years later. The existence of a threshold in CO₂ concentration which places the UVic ESCM in either an oscillating or non-oscillating state makes our results intriguing. If the UVic ESCM captures a mechanism that is present and important in the real climate system, the consequences would comprise a rapid increase in atmospheric carbon dioxide concentrations of several tens of ppm, an increase in global surface temperature of the order of 1–2°C, local temperature changes of the order of 6°C and a profound change in ocean stratification, deep water temperature and sea ice cover.