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Why was Frédéric Passy awarded Noble Prize Peace in 1901?

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Why was Frédéric Passy awarded Noble Prize Peace in1901? Name: Frédéric Passy.
Country: France.
Date of Birth: 20 May 1822.
Died: 12 June 1912.
Profession: Economist.
Founder: Red Cross and Red Crescent.
Known as: Founding Inter-Parliamentary Union.
Noble Prize Year: Nobel Prize for Peace in 1901, worked for international peace conferences, diplomacy, and arbitration.

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