Vacuum energy and cosmological constant in QFT in curved spacetime

The cosmological constant term (CC), $\Lambda$, is a pivotal ingredient in the standard model of cosmology or $\Lambda$CDM, but it is a rigid quantity for the entire cosmic history. This is unnatural and inconsistent. Different theoretical and phenomenological conundrums suggest that the $\Lambda$CDM necessitates further theoretical underpinning to cope with modern observations. An interesting approach is the framework of the `running vacuum model' (RVM). It endows $\Lambda$ with cosmic dynamics within a fundamental framework since it is based on QFT. In the RVM, the vacuum energy density (VED) appears as a series of powers of the Hubble function and its derivatives, $\rho_{\rm vac} (H, \dot{H},...)$. In the current universe, $\rho_{\rm vac}$ changes as $\sim H^2$. Higher order effects ${\cal O}(H^4)$, on the other hand, can be responsible for a new mechanism of inflation (RVM-inflation). On the practical side the RVM can alleviate the cosmological tensions on $\sigma_8$ and $H_0$. An intriguing smoking gun signature of the RVM is that its equation of state can mimic quintessence, as recently observed by DESI, so the vacuum can be the sought-for dynamical DE. At a deeper theoretical level, the RVM-renormalized form of the VED can avoid extreme fine tuning related to the well-known cosmological constant problem. Overall, the RVM has the capacity to impinge positively on relevant theoretical and practical aspects of modern cosmology.