One of my systems has a broken Delphi installation: it thinks BDSCOMMONDIR points to C:\\Windows\\system32\\9.0 whereas on a functioning system, it
BDSCOMMONDIR
C:\\Windows\\system32\\9.0
You can go to
Tools|Options|Environment Options|Environmental Variables
double click on
and set it to whatever you want.
Also get a look at Where are environment variables stored in registry?