Two photons into \pi^0\pi^0

We perform a theoretical study based on dispersion relations of the reaction \gamma\gamma\to \pi^0\pi^0 emphasizing the low energy region. We discuss how the f_0(980) signal emerges in \gamma\gamma\to \pi\pi within the dispersive approach and how this fixes to a large extent the phase of the isoscalar S-wave \gamma\gamma\to \pi\pi amplitude above the K\bar{K} threshold. This allows us to make sharper predictions for the cross section at lower energies and our results could then be used to distinguish between different \pi\pi isoscalar S-wave parameterizations with the advent of new precise data on \gamma\gamma\to\pi^0\pi^0. We compare our dispersive approach with an updated calculation employing Unitary Chiral Perturbation Theory (U\chiPT). We also pay special attention to the role played by the \sigma resonance in \gamma\gamma\to\pi\pi and calculate its coupling and width to gamma\gamma, for which we obtain \Gamma(\sigma\to\gamma\gamma)=(1.68\pm 0.15) KeV.