He said that no strong steps have been taken despite clear warnings from UN scientists of the potentially catastrophic risks the global warming poses.
In a video address as Patron of the Prince of Wales's Corporate Leaders Group, the Prince says, "We are running out of time - how many times have I found myself saying this over recent years?"
He also adds that the world cannot "delay, regroup, prevaricate or wait for more and better information" and warns that tackling global warming will require "an unprecedented transformation of our communities, societies and lifestyles".
He calls for renewable energy - such as wind farms and solar panels - to be "vastly scaled up".
"Taking action on climate change is neither inherently bad for business nor against economic interests. It is, in fact, the only rational choice," he says. "We simply have to win the battle against climate change to secure our future, and the future of our children and grandchildren. I fear there is not a moment to lose," said the Prince.