What is the meaning of the units Mg C?
Mg C is a tonne of Carbon.

An Mg - a megagramme - is a tonne. It's a silly way of writing a tonne for a general readership, but it's the strict SI equivalent of a tonne. So an "Mg C" is a tonne of Carbon - the standard unit when it comes to talking about pricing Carbon.

Normally you wouldn't see anyone writing about a million Mg of anything; (in this case, of carbon). You'd either write about a Teragramme, or a million tonnes, but not a million Mg.

However, if you draft a paper referring to millions of tonnes, and then the editor or a peer reviewer comes back and says that the tonne is not a strict SI unit but the Mg is, then someone in the chain of authors and editors may just do a search and replace on all the "tonnes" to replace them with "Mg". And that's one way that you might end up with lots of references to "million Mg C", instead of the more usual "million tonnes of carbon"