diff --git a/bin/update-proxy-versions.sh b/bin/update-runtime-versions.sh
similarity index 57%
rename from bin/update-proxy-versions.sh
rename to bin/update-runtime-versions.sh
index 20ec140e..7902ae7f 100755
--- a/bin/update-proxy-versions.sh
+++ b/bin/update-runtime-versions.sh
@@ -1,32 +1,30 @@
 #!/usr/bin/env bash
 
 # USAGE:
-# > PROXY_VERSION=1.0.31 ./update-proxy-versions.sh
+# > RUNTIME_VERSION=1.0.31 ./bin/update-proxy-versions.sh
 
 # this script is meant to be used after a new Proxy version is out
 # to facilitate the update of all the places where we usually depend on the latest version
 
-# provide the new proxy version you want the project to be updated to
-if [[ -z "$PROXY_VERSION" ]]; then
-    echo "Must provide PROXY_VERSION in environment" 1>&2
+# provide the new Kalix Runtime version you want the project to be updated to
+if [[ -z "${RUNTIME_VERSION}" ]]; then
+    echo "Must provide RUNTIME_VERSION in environment" 1>&2
     exit 1
 fi
 
-cd ..
-
-echo ">>> Updating docker image versions to $PROXY_VERSION"
+echo ">>> Updating docker image versions to ${RUNTIME_VERSION}"
 PROJS=$(find . -type f -name "docker-compose.yml")
 for i in ${PROJS[@]}
 do
   echo "Updating Dockerfile for: $i"
-  sed -i.bak "s/gcr.io\/kalix-public\/kalix-runtime:\(.*\)/gcr.io\/kalix-public\/kalix-runtime:$PROXY_VERSION/" $i
+  sed -i.bak "s/gcr.io\/kalix-public\/kalix-runtime:\(.*\)/gcr.io\/kalix-public\/kalix-runtime:${RUNTIME_VERSION}/" $i
   rm $i.bak
 done
 
 echo ">>> Updating application.conf"
-sed -i.bak "s/gcr.io\/kalix-public\/kalix-runtime:\(.*\)\"/gcr.io\/kalix-public\/kalix-runtime:$PROXY_VERSION\"/" ./codegen/js-gen-cli/src/it/resources/application.conf
+sed -i.bak "s/gcr.io\/kalix-public\/kalix-runtime:\(.*\)\"/gcr.io\/kalix-public\/kalix-runtime:${RUNTIME_VERSION}\"/" ./codegen/js-gen-cli/src/it/resources/application.conf
 rm ./codegen/js-gen-cli/src/it/resources/application.conf.bak
 
 echo ">>> Updating config.json"
-sed -i.bak "s/\"frameworkVersion\": \"\(.*\)\"/\"frameworkVersion\": \"$PROXY_VERSION\"/" ./sdk/config.json
+sed -i.bak "s/\"frameworkVersion\": \"\(.*\)\"/\"frameworkVersion\": \"${RUNTIME_VERSION}\"/" ./sdk/config.json
 rm ./sdk/config.json.bak