diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9077c9723..d7838b120 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,12 +1,8 @@
 # Changelog
 
-## Unreleased
+## 5.0.0
 
-Release date: YYYY-MM-DD
-
-Code freeze date: YYYY-MM-DD
-
-### Description
+Release date: 2024-07-19
 
 ### Dependency Changes
 
@@ -20,8 +16,6 @@ Added:
 - `seaborn` >=0.13
 - `xesmf` >=0.8
 
-### Added
-
 ### Changed
 
 - Adaptations to refactoring of the `climada.hazard.Centroids` class, to be compatible with `climada>=5.0` [#122](https://github.com/CLIMADA-project/climada_petals/pull/122)
@@ -33,10 +27,6 @@ Added:
 - Update the table of content for the tutorials [#125](https://github.com/CLIMADA-project/climada_petals/pull/125)
 - Store all-zero fraction matrices in `LowFlow` and `WildFire` hazards [#129](https://github.com/CLIMADA-project/climada_petals/pull/129) [#131](https://github.com/CLIMADA-project/climada_petals/pull/131)
 
-### Deprecated
-
-### Removed
-
 ## 4.1.0
 
 Release date: 2024-02-19
diff --git a/climada_petals/_version.py b/climada_petals/_version.py
index bbda9963f..a0f66580c 100644
--- a/climada_petals/_version.py
+++ b/climada_petals/_version.py
@@ -1 +1 @@
-__version__ = '4.1.1-dev'
+__version__ = '5.0.0'
diff --git a/setup.py b/setup.py
index 5c3e5b9b8..c21bfca21 100644
--- a/setup.py
+++ b/setup.py
@@ -13,7 +13,7 @@
 setup(
     name='climada_petals',
 
-    version='4.1.1-dev',
+    version='5.0.0',
 
     description='CLIMADA Extensions in Python',