"In my view, balancing organizational protection with innovation and growth is about managing risks while pursuing opportunities that align with sustainability goals.”
In a time of rapid technological advancements, how do you balance protecting the organization while identifying opportunities for innovation and growth?
In my view, balancing organizational protection with innovation and growth is about managing risks while pursuing opportunities that align with sustainability goals. At Dalmia, our carbon-negative roadmap guides decisions, ensuring innovation supports our sustainability targets and business philosophy. By embedding risk management into new ideas, fostering a culture of responsible innovation, and using technology to anticipate challenges, we create a balance. We focus on sustainable growth through collaboration, transparency with stakeholders, and adapting quickly to changing trends. This ensures that our innovations not only drive business success but also contribute meaningfully to a greener, more sustainable future.
As the General Counsel and Head of the Legal Function, my team and I work closely with the business to provide the necessary support in terms of legal advice. We analyse the legal and other risks associated with the business and help them minimize/ eliminate them. As an organisation that is vying for growth, one cannot be risk-averse, but at the same time, one needs to understand and move forward after proper risk assessment.
Innovations in low-cost diagnostics, point-of-care devices, and portable imaging have transformed healthcare access, quality, and affordability for both urban and rural populations, significantly improving public health outcomes.
How do you see technology evolving to support the transition to carbon neutrality in large organizations, given the focus on RE100, EP100, and EV100?
Technology has a significant role to play in the transition to carbon neutrality and it is shaping how industries move towards a more sustainable future. The shift from fossil fuel-based power to more sustainable sources—such as solar, wind, and Waste Heat Recovery Systems (WHRS)—is already underway. Additionally, research into hydrogen-based power plants holds great promise, and breakthroughs in this area are expected to make these technologies more affordable in the near future.
The commitment to sustainability is not just a short-term strategy but a core business philosophy. Initiatives like RE100, EP100, and EV100 are helping drive the global shift toward 100% renewable energy. These efforts are accompanied by clear goals, such as quadrupling renewable energy use by 2030, transitioning to sustainable biomass and recycled waste by 2035, and adopting breakthrough technologies like Carbon Capture and Utilization (CCU) and green hydrogen.
What is particularly exciting is the combination of innovation and environmental stewardship. For example, the use of blended cement, which repurposes industrial by-products like fly ash, granulated slag, and chemical gypsum, significantly reduces emissions while promoting resource efficiency. Similarly, the integration of solid waste, including plastics, as Alternative Fuel Resources (AFR) in kilns is a smart way to address both waste management and fossil fuel consumption.
We, at Dalmia are continuously explore cutting-edge technologies to further reduce emissions, including carbon capture projects and other sustainable solutions. Our commitment to sustainability is our core business strategy because it is also our responsibility to future generations.
Considering the regulatory push for Net Zero, how do you view the evolving landscape of carbon trading, renewable energy credits, and other financial instruments?
In the Indian context, the evolving landscape of carbon trading, renewable energy credits (RECs), and other financial instruments is poised to play a transformative role in achieving the country’s Net Zero goals. The government’s regulatory push, including the launch of the Indian Carbon Market (ICM) and enhanced targets for renewable energy, reflects a clear commitment to a low-carbon economy.
These mechanisms create a framework that incentivizes industries to decarbonize while promoting financial viability.
Carbon trading, in particular, offers a significant opportunity for Indian industries (with a special focus on four sectors, viz., iron & steel, cement, petrochemicals and paper & pulp) to monetize their emission reductions while driving investments in cleaner technologies. The development of a robust carbon market aligned with global frameworks under Article 6 of the Paris Agreement will also enhance India’s competitiveness in international carbon markets. Simultaneously, renewable energy credits (RECs) provide a flexible mechanism for companies to meet renewable purchase obligations, encouraging a shift to cleaner energy sources.
On the domestic front, on 8th August 2022, India made revisions to its carbon credit policies to ban the export of carbon credits. A carbon credit is a permit allowing the emission of one ton of greenhouse gases per permit.
The Central Government has notified the Carbon Credit Trading Scheme (CCTS) 2023 on 28th June 2023 under the powers conferred by section 14(w) of the Energy Conservation Act 2001. This legislation delineates the Indian carbon market, establishing a national framework with the aim of reducing, removing, or avoiding greenhouse gas emissions (GHG) from the Indian economy.
The CCTS has two mechanisms: a compliance mechanism and an offset mechanism. The compliance mechanism is mandatory for energy-intensive industries, which must meet specific greenhouse gas emission intensity targets. If they exceed these targets, they can purchase carbon credits from other entities that have reduced their emissions.
The offset mechanism, on the other hand, is voluntary and allows entities to register projects that reduce greenhouse gas emissions. These projects can generate carbon credits, which can be traded on the market.
The Bureau of Energy Efficiency (BEE) is the designated administrator for the CCTS, and the Ministry of Power oversees the regulatory framework. The BEE has also published detailed regulations for the compliance mechanism under the CCTS.
Other financial instruments, such as green bonds and sustainability-linked loans, are also gaining traction, offering access to capital for climate-friendly projects. These instruments, when integrated with public-private partnerships, can mobilize substantial funding for India’s renewable energy transition and decarbonization efforts.
With varying regulatory standards across jurisdictions, what strategies do you employ to ensure compliance while maintaining operational efficiency?
Our operations at Damlia Bharat are majorly limited to India, and hence, we are broadly regulated by the Central and State laws as far as operations are concerned. We have implemented a web-based compliance management tool to drive compliance. At the same time, operational efficiency driven by the need to conserve resources and have minimum impact on the environment. We are actively taking a number of initiatives to utilize solid wastes from other industries and use minimum resources. All these are aimed towards environmental protection, leading to operational efficiency. By embracing the policy that “clean and green is profitable and sustainable”, the idea is to reduce our carbon footprint and become carbon-negative by 2040.
The cement sector is often criticized for its carbon footprint. How do you see the future of heavy industries evolving in a carbon-neutral world?
The cement sector’s higher carbon footprint is undeniable, but it also plays a critical role as the backbone of infrastructure and housing, especially in a developing nation like India. It is crucial to acknowledge recognise and acknowledge this dual responsibility. Achieving sustainability in this sector requires a concerted effort to reduce emissions while continuing to meet the growing demand for cement. In this context, companies should focus on implementing innovative solutions such as blended cement production, using alternative fuels, incorporating carbon capture technologies, and integrating renewable energy sources.
Similarly, it is equally important is preparing for future challenges, which is why exploring sustainable construction materials is key. This includes research into reusing construction debris and waste to create new building materials, which can help reduce reliance on virgin cement. The focus should not only be to lower emissions but also to transition the industry toward a circular economy.
The future of heavy industries, including cement, lies in innovation, collaboration, and policy alignment. Technologies like green hydrogen, advanced carbon capture, and low-carbon product development are transforming the industry. With such solutions, heavy industries can evolve to thrive in a carbon-neutral world.
In the coming years, how can organizations effectively leverage regulatory sandboxes to test new technologies while managing risk and ensuring compliance?
At first, it may be required to enhance India’s regulatory sandbox model; adopting best practises from the EU, such as greater flexibility in regulatory exemptions, allowing more cross-border collaboration, and extending testing periods for complex innovations, would be beneficial. Expanding the sandbox framework to include sectors like cement, steel, and power—key industries for India’s growth—would accelerate testing new technologies in energy efficiency, carbon capture, and sustainable manufacturing practices.
Creating a unified framework that spans multiple sectors beyond fintech could drive broader innovation while ensuring strong consumer protection and sustainability. This approach would help India scale its sandbox model, fostering global innovation and supporting the transition to a low-carbon economy.
In the coming years, organizations can leverage regulatory sandboxes by collaborating with startups that bring innovative skills and expertise. Initiatives like Startup India create opportunities for Corporate India to partner with these ventures to test new technologies in controlled environments. This approach helps refine solutions that reduce waste, enhance efficiencies, and develop environmentally friendly practices.
Regulatory sandboxes allow companies to experiment safely, identify risks early, and align innovations with evolving regulations. By fostering partnerships and knowledge-sharing with startups and regulators, organizations can ensure that new solutions are practical, scalable, and compliant, addressing industry challenges while driving sustainable growth.
About Rajiv Choubey:
Rajiv Choubey is a legal professional with over 27 years of experience in both manufacturing and IT sectors. He is currently the Group General Counsel at Dalmia Bharat Limited, having previously held senior legal positions at ACC Limited, Ambuja Cements, HCL Infosystems, and Vedanta Limited.
Rajiv specializes in corporate law, M&A, competition law, mining, environment, and governance. He has managed key legal initiatives, including overseeing a New York Stock Exchange (NYSE) listing during his tenure at Sterlite/Vedanta.
An alumnus of University of Delhi, ILI, and ISIL, Rajiv is also a certified mediator from SIMC. He is a member of several professional bodies, including the Indian Corporate Counsel Association (ICCA), Indian National Bar Association (INBA), and Institute of Company Secretaries of India (ICSI). His leadership has earned recognition from industry forums such as Legal 500 and Indian Business Law Journal.
