Chisaki Watanabe at Bloomberg writes that Japan is looking to conclude an agreement with Mongolia before the end of the year. This will be a topic at the COP 18 conference going on in Doha right now.
The basic idea seems to be investing some Japanese funds in climate related projects in Mongolia, supplementing the Clean Development Mechanism of the Kyoto protocol.
Sounds interesting. Maybe they could invest some of that money into starting a large scale renewable energy project in the Gobi desert.