diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5c3471af..69324afe 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,20 @@
 # Changelog
 
+## 0.30.0
+
+**Release date:** 2023-02-16
+
+This prerelease comes with support for the new `ImagePolicy` v1beta2 API. In
+addition, the controller dependencies have been updated to their latest versions.
+
+Improvements:
+- Set rate limiter option in test reconcilers
+  [#475](https://github.com/fluxcd/image-automation-controller/pull/475)
+- Update dependencies
+  [#486](https://github.com/fluxcd/image-automation-controller/pull/486)
+- Update image-reflector API to v1beta2
+  [#485](https://github.com/fluxcd/image-automation-controller/pull/485)
+
 ## 0.29.0
 
 **Release date:** 2023-02-01
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 73fdbeb3..9b048d63 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.29.0
+  newTag: v0.30.0
diff --git a/go.mod b/go.mod
index 88cc7b80..cd4ed2e0 100644
--- a/go.mod
+++ b/go.mod
@@ -10,7 +10,7 @@ require (
 	github.com/ProtonMail/go-crypto v0.0.0-20230214155104-81033d7f4442
 	github.com/cyphar/filepath-securejoin v0.2.3
 	github.com/fluxcd/go-git/v5 v5.0.0-20221219190809-2e5c9d01cfc4
-	github.com/fluxcd/image-automation-controller/api v0.29.0
+	github.com/fluxcd/image-automation-controller/api v0.30.0
 	github.com/fluxcd/image-reflector-controller/api v0.25.0
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.4.0