A composition with improved chemical stability and increased the efficacy as an alkylene carbonate-containing nail polish remover or general purpose solvent, such as a paint thinner or stripper is disclosed. The composition includes:(i) between 10% and 98% by weight of at least one alkylene carbonate solvent, (ii) between 1.5% and 25% by weight water, and (iii) an effective amount of a pH-buffering agent that maintains the pH of the composition between approximately pH 2 and pH 6.5 and that is chemically inert in the composition. The water in the composition functions to increase the rate at which the composition dissolves, e.g., nail lacquers, and the pH-buffering agent functions to stabilize the alkylene carbonate solvent against hydrolytic decomposition from pH-altering contaminants that may be introduced into the composition.