In light of the arguments developed in this volume, it is necessary to ask some fundamental questions which, although not exhaustively resolvable here, represent critical points for understanding the actual scope of the integration of ESG criteria in corporate strategy and capital allocation processes:Regarding the first group of questions, it is appropriate to recall some recent scientific contributions that converge on the idea that the function of ESG integration is neither univocal nor monolithic. Some drivers appear to be mainly oriented towards the mitigation of systemic risk, others towards the generation of lasting competitive advantages. In particular, Gherghina (2024) highlights how ESG practices have evolved from mere reputational protection tools to strategic levers for competitive differentiation in highly competitive markets. Gao and Zhang (2025) demonstrate that a solid ESG performance contributes to reducing financial rigidity while mitigating the negative effects associated with corporate financialisation processes. It follows that value creation represents an indirect effect deriving from the reduction of volatility and the expansion of strategic options available to management. Furthermore, according to Narula et al. (2023), a fully integrated ESG framework allows not only to anticipate regulatory and environmental risks, but also to improve the alignment between human capital and corporate mission, generating reputational capital and fostering responsible innovation.