The Nobel Peace Prize will be announced from Oslo, Norway, on Friday at 5 a.m. ET and the world will be watching.
Every year, the peace prize is awarded to a person or organization that has "done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses."
Though the nominees are not disclosed until 50 years after the prize is bestowed, the predicted top candidates include 16-year-old climate activist Greta Thunberg, other environmental leaders, prime ministers and organizations.
The announcement will be streamed live at the Nobel Prize's website and on YouTube, which is embedded below.
According to the Nobel Prize website, there were 223 people and 78 organizations, totaling 301 candidates, that were considered for the award this year.
Topping the favorites for the prize is teenage Swedish activist Thunberg, who made headlines last month for giving a speech at the United Nations' Climate Action Summit last month telling global leaders their fight against climate change wasn't cutting it.
"We are in the beginning of mass extinction and all you can talk about is money and fairytales of eternal economic growth. How dare you!" Thunberg said.
"This is all wrong," she added. "I shouldn't be up here. I should be back in school on the other side of the ocean. Yet you all come to us young people for hope? How dare you!"
Thunberg would become the youngest winner of the peace prize if awarded. Pakistani activist Malala Yousafzai was 17 years old when she won the prize in 2014.
The betting company Coral put Thunberg at 1/2 odds of winning, according to CNN. The bookmaker William Hill put her at 8/13 odds and that 96 percent of bets were placed on her.
Betting company Betfair has Ethiopian Prime Minister Abiy Ahmed as the second favorite to win, for ending Ethiopia's conflict with Entrea. Betfair and William Hill have other front runners listed, including Reporters Without Borders, an organization that fights for freedom of the press and the United Nations Human Rights Council.
Along with the peace prize, the Norwegian Nobel Committee awards prizes in chemistry, physics, literature and physiology or medicine.
The recipient of last year's peace prize was Nadia Murad, a former ISIS sex slave, and Denis Mukwege, a Congolese doctor. They were commended for "efforts to end the use of sexual violence as a weapon of war and armed conflict."
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