It seems that it must be a really difficult problem to work out the optimal solution for having spare capacity to allow time/location shifting of workloads to minimize carbon per unit of compute. This Dell paper[0] suggests that 16% of the carbon over a typical server lifecycle is from the manufacture, so you probably don't want a server sitting there unused for 23 hours per day, since the overall carbon/compute rati…
Part of that calculation should be the amount of compute capacity headroom you'd choose to have anyway even if you didn't care about carbon.
Compute demands can vary from one day to the next. Maybe tomorrow people uploaded 3 times as many YouTube videos as they did today. Maybe load varies based on day of the week or day of the month. To some extent, you can smooth that out by delaying jobs, but there are practical limits.
You also want some spare capacity just for safety. Efficient utilization is important, but things like performance regressions or spikes in demand can happen.