Barclays_Global_Portfolio_Manager_s_Digest_Heating_Up

CrossAssetResearch24March2024GlobalPortfolioManager'sDigestFOCUSHeatingUpEquityProductManagementGroupTerenceMaloneWeprovidecontextandperspectiveonresearchacrossregions+12125267578andassetclasses,thisweekhighlighting:ouranalysisofheatterence.malone@barclays.compumptechnologyanditsimplicationsacrossmultiplesectors;BCI,USourthoughtsonJapan'seconomyfollowingtheBoJ'sexitfromNIRPandYCC;andourtakeonEuropeanequitiescomingoutofRobBate4Qearnings.+44(0)2077733576rob.bate@barclays.com•DemystifyingHeatPumpTechnology:WithbuildingandindustrialheatingaccountingforBarclays,UK38%ofglobalenergy-relatedemissions,webelievethatheatpumps(HPs)arekeytonetzeroFICCProductManagementGrouptargets.Specifically,HPsarekeytoreducingbuildingandcertainindustryemissionsastheyBenMcLannahanenable>3xhigherefficiencyvs.conventionalheating;spurbuildingrenovations/products;+44(0)2031349586increaseutilityloadandgridinvestmentneeds;andreducenatgasanddistillatefuelben.mclannahan@barclays.comdemand;theyarealsodisruptingtheHVACindustryandaddingtoESGdebates.HPsaretiedBarclays,UKtotheelectrification,energyefficiency,energytransition,andcirculareconomythemesandwillhavebroadimplicationsacrosstherealestate,energy,andindustrialsectors,housingJenniferCardilliaffordability,andenergypoverty.Thatsaid,HPsarenotwithouthurdles.Inadditiontohigh+12125268351upfrontcosts,...