RIBA is establishing their own award for the world's best new building of the year, naming it the RIBA International Prize. Launched today, the International Prize will be awarded to the building that best "demonstrate[s] visionary, innovative thinking and excellence of execution, whilst making a distinct contribution to its users and to its physical context," regardless of style, scheme type, and budget. According to RIBA, the International Prize was created for "the general advancement of Civil architecture", as stated in their 1837 charter.

Registered architects around the world can send submissions until the February 9 deadline. For the first edition of the prize, submitted buildings must have been completed within the past three years (Jan. 1, 2013 - Feb. 1, 2016). Afterward, the prize will be awarded to a building completed within 2 years.

The full list of the Grand Jury won't be revealed until early 2016, but it includes three notable names so far: Jury Chair Richard Rogers, founding director of Rogers Stirk Harbour + Partners; NLÉ Projects director Kunlé Adeyemi; and Philip Gumuchdjian of Gumuchdjian Architects.

'I’m delighted to lead the jury for the inaugural RIBA International Prize and look forward to discovering how architecture is reacting to and resolving issues posed by the changing demands of a global community,' Richard Rogers said in a statement.

The rigorous evaluation process starts with two expert jury panels who will each visit the shortlisted projects in person. Once the 20 winners of the RIBA Awards for International Excellence are selected, the Grand Jury will choose six finalist projects from that group and visit the sites once more. The winner of the International Prize will then be selected. As of now, the Prize winner will be announced in December 2016.