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Why was Louis Renault awarded Noble Prize Peace in 1907?

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Why was Louis Renault awarded Noble Prize Peace in1907?Name: Louis Renault.
Country: France.
Date of Birth: 21 May 1843.
Died: 8 February 1918.
Profession: Jurist and Educator, Professor International Law.
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.

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