I think you mean C1.
It's primary purpose is to stop the triac firing until it's the right time for it to do so. Triacs and SCRs can be triggered either by applying the correct gate voltage or by a rise in voltage across them faster than allowed. In other words they are very prone to misfiring in the presence of interference. Of course most AC supplies are full of interference spikes because of loads being switched on and off and you wouldn't want them to turn the triac on at the wrong time. It can be wired as a 'snubber', just a resistor and capacitor in series across the triac A1 and A2 connections but the MOC3021 is also prone to the same misfiring so connecting the MOC trigger to the capacitor also protects it from the same problem with fewer components. The idea is that a spike has faster edges than normal AC cycles and the capacitor is more able to absorb it (lower reactance) so it helps by diverting the spike current and slowing it's rise and fall time.
Brian.