The National Business Awards recognition follows the company's launch least year of a new strategy on the manufacturing of green products and the creation of green energy.
The strategy included, for example, 15 projects in areas like organic products, biogas, fuel from solid waste and decommissioning.
Veolia UK and Ireland executive vice president Estelle Brachlianoff said: "We’ve worked hard to transform our company with our new strategy to become a manufacturer of green products and energy."
ICAEW judge for the category Stephen Ibbotson said: "Veolia has already demonstrated its commitment to sustainability but they have redoubled their efforts and launched a new sustainability strategy - almost doubling their investment to a huge £300m whilst still remaining carbon neutral."
Finalists were chosen from the hundreds of businesses that entered or were nominated across 17 award categories.
The winners will be revealed at an awards ceremony on 11 November.
The National Business Awards supports The Prince’s Trust, a charity that offers practical and financial support to young people who need it.