"Whatever religion you espouse … they all teach you values of fellowship and respect for others and it's very important to build on that base," he said in a lecture in London hosted by Catholic development agency Progressio.
"Moral values are very important [in tackling climate change]," he added.
Professor Munasinghe said governments and individuals had to make stark choices about their way of life and the running of the economy in order to prevent devastating climate change.
He stressed, however, the "small steps" that individuals could take to make a real difference to their carbon footprint.
"There are many things you can do – plant a tree, use fluorescent light bulbs. This way you can build up momentum and influence your neighbours and friends to do the same," he said.
Professor Munasinghe said that the world's poor were the main losers of climate change.
"But it's not only the millions who live in developing countries but also the poorest people in the rich countries. When an extreme [weather] event occurs, it is invariably the poor who get hammered," he said.
"Over the next few decades if we have a situation where not only climate change, but all the other problems like energy shortages, growing water scarcity and food security come one after the other, the global system will not be able to contain it."
Professor Munasinghe warned that climate change could lead to a "breakdown situation" in which the rich live in "protected enclaves" and the poor live "outside in less desirable conditions".
He urged rich nations to make greater efforts to cut their carbon emissions and help developing countries adapt to the effects of climate change in a sustainable way.
Professor Munasinghe's lecture comes just weeks ahead of a major climate summit taking place in Copenhagen in December.
On Monday, Prime Minister Gordon Brown warned of a climate "catastrophe" if world leaders failed to reach an agreement and said there was "no plan B".
His warning came at the end of two days of talks in London between the 17 biggest carbon-emitting nations.
Leaders at the talks agreed that more funds should be made available for developing countries to adapt to the impact of climate change.
UK Climate Secretary Ed Miliband said he felt a deal at Copenhagen was now more "do-able" after the London talks.
"It's an uphill battle, but I just feel today it's more do-able than (I did) yesterday," he said.
"There was a universal view that we need to get an agreement in Copenhagen - not an agreement at any price, but that we've come a long way and we intend to translate that into an agreement by the end of the year."
US President Barack Obama is yet to confirm his presence at the talks.
"We are not writing anything off or foreclosing possibilities," US envoy Todd Stern said.
"If the kind of progress is made that would warrant the attendance of leaders, we'll certainly look at that."