An enzymatic process for preparing aliphatic polycarbonates via terpolymerization or transesterification using a dialkyl carbonate, an aliphatic diester, and an aliphatic diol or triol reactant. A catalyst having an enzyme capable of catalyzing an ester hydrolysis reaction in an aqueous environment is subsequently added to the reaction mixture. Next, polymerization of the reaction proceeds for an allotted time at a temperature≦100° C. Finally, the copolymer is isolated from an the catalyst via filtration.