  Caloric responses (temperature changes) can be induced in solid-state
materials by applying external stimuli such as stress, pressure, and electric
and magnetic fields. The magnetic-field-stimulated response is called the
magnetocaloric effect, and materials that exhibit this property have long been
sought for applications in room temperature magnetic cooling due to their
potentially superior efficiency and low impact on the environment. Other
solid-state caloric phenomena are less developed, but are likewise under
intense investigation. Here we introduce a new material that not only displays
giant barocaloric (hydrostatic-pressure-induced) properties, but also a large
magnetocaloric response near room temperature. It is unprecedented that two
caloric effects of such extreme magnitude occur in the same material and at the
same temperature. These effects originate from a magnetostructural transition
and a magneto-volume (magnetostriction) effect where the volume change is large
enough to force the system from a localized ordered state into an itinerant
paramagnetic state.
