diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index a2ad4da69..1cfd3195c 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.7.0a1
+current_version = 1.7.0b1
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number
diff --git a/.changes/1.7.0-b1.md b/.changes/1.7.0-b1.md
new file mode 100644
index 000000000..51907be49
--- /dev/null
+++ b/.changes/1.7.0-b1.md
@@ -0,0 +1,35 @@
+## dbt-snowflake 1.7.0-b1 - August 17, 2023
+
+### Fixes
+
+- Incremental materialization with "append" strategy does not wrap dml with explicit transaction ([#656](https://github.com/dbt-labs/dbt-snowflake/issues/656))
+- Fix `on_configuration_change` setting to properly recognize `continue` and `fail` ([#708](https://github.com/dbt-labs/dbt-snowflake/issues/708))
+- Cancel all queries when terminating dbt ([#711](https://github.com/dbt-labs/dbt-snowflake/issues/711))
+- change target_lag type to allow for downstream as a option ([#734](https://github.com/dbt-labs/dbt-snowflake/issues/734))
+- update snowflake_warehouse field for dynamic tables to be more accounted for ([#735](https://github.com/dbt-labs/dbt-snowflake/issues/735))
+
+### Under the Hood
+
+- add pem private key option ([#619](https://github.com/dbt-labs/dbt-snowflake/issues/619))
+- Update stale workflow to use the centralized version ([#707](https://github.com/dbt-labs/dbt-snowflake/issues/707))
+
+### Dependencies
+
+- Update black requirement from ~=23.3 to ~=23.7 ([#688](https://github.com/dbt-labs/dbt-snowflake/pull/688))
+- Update pip-tools requirement from ~=6.14 to ~=7.0 ([#692](https://github.com/dbt-labs/dbt-snowflake/pull/692))
+- Update ddtrace requirement from ~=1.16 to ~=1.17 ([#704](https://github.com/dbt-labs/dbt-snowflake/pull/704))
+- Update wheel requirement from ~=0.40 to ~=0.41 ([#706](https://github.com/dbt-labs/dbt-snowflake/pull/706))
+- Update flake8 requirement from ~=6.0 to ~=6.1 ([#714](https://github.com/dbt-labs/dbt-snowflake/pull/714))
+- Update pip-tools requirement from ~=7.0 to ~=7.1 ([#722](https://github.com/dbt-labs/dbt-snowflake/pull/722))
+- Update pip-tools requirement from ~=7.1 to ~=7.2 ([#723](https://github.com/dbt-labs/dbt-snowflake/pull/723))
+- Update tox requirement from ~=4.6 to ~=4.7 ([#730](https://github.com/dbt-labs/dbt-snowflake/pull/730))
+- Update pip-tools requirement from ~=7.2 to ~=7.3 ([#731](https://github.com/dbt-labs/dbt-snowflake/pull/731))
+- Bump mypy from 1.4.1 to 1.5.0 ([#733](https://github.com/dbt-labs/dbt-snowflake/pull/733))
+- Update tox requirement from ~=4.7 to ~=4.8 ([#744](https://github.com/dbt-labs/dbt-snowflake/pull/744))
+- Update ddtrace requirement from ~=1.17 to ~=1.18 ([#745](https://github.com/dbt-labs/dbt-snowflake/pull/745))
+- Update tox requirement from ~=4.8 to ~=4.9 ([#748](https://github.com/dbt-labs/dbt-snowflake/pull/748))
+
+### Contributors
+- [@danielefrigo](https://github.com/danielefrigo) ([#656](https://github.com/dbt-labs/dbt-snowflake/issues/656))
+- [@gabeschenz](https://github.com/gabeschenz) ([#619](https://github.com/dbt-labs/dbt-snowflake/issues/619))
+- [@julio-romero](https://github.com/julio-romero) ([#711](https://github.com/dbt-labs/dbt-snowflake/issues/711))
diff --git a/.changes/unreleased/Dependencies-20230711-123517.yaml b/.changes/1.7.0/Dependencies-20230711-123517.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230711-123517.yaml
rename to .changes/1.7.0/Dependencies-20230711-123517.yaml
diff --git a/.changes/unreleased/Dependencies-20230717-121543.yaml b/.changes/1.7.0/Dependencies-20230717-121543.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230717-121543.yaml
rename to .changes/1.7.0/Dependencies-20230717-121543.yaml
diff --git a/.changes/unreleased/Dependencies-20230721-130136.yaml b/.changes/1.7.0/Dependencies-20230721-130136.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230721-130136.yaml
rename to .changes/1.7.0/Dependencies-20230721-130136.yaml
diff --git a/.changes/unreleased/Dependencies-20230724-123845.yaml b/.changes/1.7.0/Dependencies-20230724-123845.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230724-123845.yaml
rename to .changes/1.7.0/Dependencies-20230724-123845.yaml
diff --git a/.changes/unreleased/Dependencies-20230731-121631.yaml b/.changes/1.7.0/Dependencies-20230731-121631.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230731-121631.yaml
rename to .changes/1.7.0/Dependencies-20230731-121631.yaml
diff --git a/.changes/unreleased/Dependencies-20230802-221810.yaml b/.changes/1.7.0/Dependencies-20230802-221810.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230802-221810.yaml
rename to .changes/1.7.0/Dependencies-20230802-221810.yaml
diff --git a/.changes/unreleased/Dependencies-20230803-131336.yaml b/.changes/1.7.0/Dependencies-20230803-131336.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230803-131336.yaml
rename to .changes/1.7.0/Dependencies-20230803-131336.yaml
diff --git a/.changes/unreleased/Dependencies-20230809-130151.yaml b/.changes/1.7.0/Dependencies-20230809-130151.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230809-130151.yaml
rename to .changes/1.7.0/Dependencies-20230809-130151.yaml
diff --git a/.changes/unreleased/Dependencies-20230809-130216.yaml b/.changes/1.7.0/Dependencies-20230809-130216.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230809-130216.yaml
rename to .changes/1.7.0/Dependencies-20230809-130216.yaml
diff --git a/.changes/unreleased/Dependencies-20230810-124706.yaml b/.changes/1.7.0/Dependencies-20230810-124706.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230810-124706.yaml
rename to .changes/1.7.0/Dependencies-20230810-124706.yaml
diff --git a/.changes/unreleased/Dependencies-20230814-125402.yaml b/.changes/1.7.0/Dependencies-20230814-125402.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230814-125402.yaml
rename to .changes/1.7.0/Dependencies-20230814-125402.yaml
diff --git a/.changes/unreleased/Dependencies-20230814-125450.yaml b/.changes/1.7.0/Dependencies-20230814-125450.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230814-125450.yaml
rename to .changes/1.7.0/Dependencies-20230814-125450.yaml
diff --git a/.changes/unreleased/Dependencies-20230817-121646.yaml b/.changes/1.7.0/Dependencies-20230817-121646.yaml
similarity index 100%
rename from .changes/unreleased/Dependencies-20230817-121646.yaml
rename to .changes/1.7.0/Dependencies-20230817-121646.yaml
diff --git a/.changes/unreleased/Fixes-20230626-132631.yaml b/.changes/1.7.0/Fixes-20230626-132631.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230626-132631.yaml
rename to .changes/1.7.0/Fixes-20230626-132631.yaml
diff --git a/.changes/unreleased/Fixes-20230726-164729.yaml b/.changes/1.7.0/Fixes-20230726-164729.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230726-164729.yaml
rename to .changes/1.7.0/Fixes-20230726-164729.yaml
diff --git a/.changes/unreleased/Fixes-20230804-175222.yaml b/.changes/1.7.0/Fixes-20230804-175222.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230804-175222.yaml
rename to .changes/1.7.0/Fixes-20230804-175222.yaml
diff --git a/.changes/unreleased/Fixes-20230810-154613.yaml b/.changes/1.7.0/Fixes-20230810-154613.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230810-154613.yaml
rename to .changes/1.7.0/Fixes-20230810-154613.yaml
diff --git a/.changes/unreleased/Fixes-20230810-163232.yaml b/.changes/1.7.0/Fixes-20230810-163232.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20230810-163232.yaml
rename to .changes/1.7.0/Fixes-20230810-163232.yaml
diff --git a/.changes/unreleased/Under the Hood-20230621-144450.yaml b/.changes/1.7.0/Under the Hood-20230621-144450.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20230621-144450.yaml
rename to .changes/1.7.0/Under the Hood-20230621-144450.yaml
diff --git a/.changes/unreleased/Under the Hood-20230724-162947.yaml b/.changes/1.7.0/Under the Hood-20230724-162947.yaml
similarity index 100%
rename from .changes/unreleased/Under the Hood-20230724-162947.yaml
rename to .changes/1.7.0/Under the Hood-20230724-162947.yaml
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8b6702b8f..0e884128f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,43 @@
 - "Breaking changes" listed under a version may require action from end users or external maintainers when upgrading to that version.
 - Do not edit this file directly. This file is auto-generated using [changie](https://github.com/miniscruff/changie). For details on how to document a change, see [the contributing guide](https://github.com/dbt-labs/dbt-snowflake/blob/main/CONTRIBUTING.md#adding-changelog-entry)
 
+## dbt-snowflake 1.7.0-b1 - August 17, 2023
+
+### Fixes
+
+- Incremental materialization with "append" strategy does not wrap dml with explicit transaction ([#656](https://github.com/dbt-labs/dbt-snowflake/issues/656))
+- Fix `on_configuration_change` setting to properly recognize `continue` and `fail` ([#708](https://github.com/dbt-labs/dbt-snowflake/issues/708))
+- Cancel all queries when terminating dbt ([#711](https://github.com/dbt-labs/dbt-snowflake/issues/711))
+- change target_lag type to allow for downstream as a option ([#734](https://github.com/dbt-labs/dbt-snowflake/issues/734))
+- update snowflake_warehouse field for dynamic tables to be more accounted for ([#735](https://github.com/dbt-labs/dbt-snowflake/issues/735))
+
+### Under the Hood
+
+- add pem private key option ([#619](https://github.com/dbt-labs/dbt-snowflake/issues/619))
+- Update stale workflow to use the centralized version ([#707](https://github.com/dbt-labs/dbt-snowflake/issues/707))
+
+### Dependencies
+
+- Update black requirement from ~=23.3 to ~=23.7 ([#688](https://github.com/dbt-labs/dbt-snowflake/pull/688))
+- Update pip-tools requirement from ~=6.14 to ~=7.0 ([#692](https://github.com/dbt-labs/dbt-snowflake/pull/692))
+- Update ddtrace requirement from ~=1.16 to ~=1.17 ([#704](https://github.com/dbt-labs/dbt-snowflake/pull/704))
+- Update wheel requirement from ~=0.40 to ~=0.41 ([#706](https://github.com/dbt-labs/dbt-snowflake/pull/706))
+- Update flake8 requirement from ~=6.0 to ~=6.1 ([#714](https://github.com/dbt-labs/dbt-snowflake/pull/714))
+- Update pip-tools requirement from ~=7.0 to ~=7.1 ([#722](https://github.com/dbt-labs/dbt-snowflake/pull/722))
+- Update pip-tools requirement from ~=7.1 to ~=7.2 ([#723](https://github.com/dbt-labs/dbt-snowflake/pull/723))
+- Update tox requirement from ~=4.6 to ~=4.7 ([#730](https://github.com/dbt-labs/dbt-snowflake/pull/730))
+- Update pip-tools requirement from ~=7.2 to ~=7.3 ([#731](https://github.com/dbt-labs/dbt-snowflake/pull/731))
+- Bump mypy from 1.4.1 to 1.5.0 ([#733](https://github.com/dbt-labs/dbt-snowflake/pull/733))
+- Update tox requirement from ~=4.7 to ~=4.8 ([#744](https://github.com/dbt-labs/dbt-snowflake/pull/744))
+- Update ddtrace requirement from ~=1.17 to ~=1.18 ([#745](https://github.com/dbt-labs/dbt-snowflake/pull/745))
+- Update tox requirement from ~=4.8 to ~=4.9 ([#748](https://github.com/dbt-labs/dbt-snowflake/pull/748))
+
+### Contributors
+- [@danielefrigo](https://github.com/danielefrigo) ([#656](https://github.com/dbt-labs/dbt-snowflake/issues/656))
+- [@gabeschenz](https://github.com/gabeschenz) ([#619](https://github.com/dbt-labs/dbt-snowflake/issues/619))
+- [@julio-romero](https://github.com/julio-romero) ([#711](https://github.com/dbt-labs/dbt-snowflake/issues/711))
+
+
 ## Previous Releases
 For information on prior major and minor releases, see their changelogs:
 - [1.6](https://github.com/dbt-labs/dbt-snowflake/blob/1.6.latest/CHANGELOG.md)
diff --git a/dbt/adapters/snowflake/__version__.py b/dbt/adapters/snowflake/__version__.py
index 874bd74c8..48607b01f 100644
--- a/dbt/adapters/snowflake/__version__.py
+++ b/dbt/adapters/snowflake/__version__.py
@@ -1 +1 @@
-version = "1.7.0a1"
+version = "1.7.0b1"
diff --git a/setup.py b/setup.py
index ffa9264c3..7e09f247e 100644
--- a/setup.py
+++ b/setup.py
@@ -51,7 +51,7 @@ def _get_dbt_core_version():
 
 
 package_name = "dbt-snowflake"
-package_version = "1.7.0a1"
+package_version = "1.7.0b1"
 dbt_core_version = _get_dbt_core_version()
 description = """The Snowflake adapter plugin for dbt"""