In the interview, Munger also discussed why he thinks the U.S. should not become energy independent.
"It's great that we found all this shale oil, but I want to conserve oil and gas in the United States to the maximum extent we can," Munger said.
"I don't see any substitute for oil as a feed stock and for running airplanes," he added. "If there were no threat to global climate change, I'd have no trouble with shifting rapidly to renewable power [such as] solar, wind, and [Bill Gates] may disagree with me. He may think climate change is more important than I do."
Nevertheless, Gates said in the same interview that as the problems of climate change increase around the world, the need for energy sources that do not emit CO2 grows. "Natural gas is a reduction [of CO2] but it doesn't get you where you need to go, so things like renewables and nuclear need to come in and be a gigantic part of the mix within the next 30 years," he said.
Read more Buffett-related stories:
Warren Buffett: THIS is key to valuing stocks
Buffett defends Clayton Homes against claims of predatory lending
Live: Warren Buffett on the markets
Munger added, however, that climate change is not as big of a problem as some make it out to be. "Thirty percent of Holland is under sea water. If we have to spend a few percentage of GDP to adapt to climate change, I think we can, [but] I know of no substitute for hydrocarbons if we ever ran out," he said.
—CNBC's Katie Little contributed to this report.