A new aliphatic hybrid guanidine N,O‐donor ligand (TMGeech) and its zinc chloride complex ([ZnCl2(TMGeech)]) are presented. This complex displays high catalytic activity for the ring‐opening polymerization (ROP) of lactide in toluene, exceeding the toxic industry standard tin octanoate by a factor of 10. The high catalytic activity of [ZnCl2(TMGeech)] is further demonstrated under industrially preferred melt conditions, reaching high lactide conversions within seconds. To bridge the gap towards a sustainable circular (bio)economy, the catalytic activity of [ZnCl2(TMGeech)] for the chemical recycling of polylactide (PLA) by alcoholysis in THF is investigated. Fast production of different value‐added lactates at mild temperatures is demonstrated. Selective PLA degradation from mixtures with polyethylene terephthalate (PET) and a polymer blend, catalyst recycling, and a detailed kinetic analysis are presented. For the first time, chemical recycling of post‐consumer PET producing different value‐added materials is demonstrated using a guanidine‐based zinc catalyst. Therefore, [ZnCl2(TMGeech)] is a promising, highly active multitool, not only to implement a circular (bio)plastics economy, but also to tackle today's ongoing plastics pollution.