Burn carbon on standard tariff (11)

I believe the answer is:

conflagrate

'burn' is the definition.
(thesaurus)

'carbon on standard tariff' is the wordplay.
'carbon' becomes 'C' (chemical symbol).
'standard' becomes 'flag' (standard is a type of flag).
'tariff' becomes 'rate' (I've seen this before).
'c'+'on'+'flag'+'rate'='CONFLAGRATE'

I've seen this clue in The Times.

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