From https://metaculus.com/questions/17174/will-the-palme-dor-go-to-a-european-film/

The Palme d'Or is the most prestigious award presented at the Cannes Film Festival, an internationally renowned film festival held annually in Cannes, France. First introduced in 1955, the Palme d'Or is awarded to the film judged to be the best among the official selection of feature films in competition. The winner is selected by a jury composed of esteemed members of the film industry, including filmmakers, actors, and other industry professionals.

The Palme d'Or represents a significant achievement and recognition for the winning film, elevating its status and often boosting its global recognition and distribution opportunities. Over the years, the award has been bestowed upon remarkable films from various countries, showcasing the diverse talent and creativity in the international film landscape.