How was Louis Renault awarded the Nobel Prize Peace?

Name: Louis Renault.
Country: France.
Date of Birth: 21 May 1843.
Died: 8 February 1918.
Known as:  Manufacturer who built the largest automobile company in France.
Subjects Of Study: Business law, International law.
Noble Prize Year: Nobel Prize for Peace in 1907, for his decisive influence upon the conduct and outcome of the Hague and Geneva Conferences.