CEOs say they still believe in the importance of environmental, social, and corporate governance (ESG) programs, but they're willing to put them on the back burner for a while because of economic pressures, according to a new study from KPMG. The "KPMG CEO Outlook," which came out this month, is based on interviews with 1,325 global CEOs.

The study found that, as economic uncertainty continues, 50 percent of participants are pausing or reconsidering their existing or planned ESG efforts over the next six months, and 34 percent already have done so. This pause represents the first major loss of momentum for ESG programs since they began sweeping through large companies like a tornado in recent years.

In the 23-page report, KPMG cautions that companies could pay a steep price for hitting the brakes on ESG efforts, even if only temporarily. The report notes that any pullback would be occurring at a time when stakeholders are ratcheting up their ESG expectations. The study found that 69 percent of CEOs see stakeholder demand for increasing ESG reporting and transparency, and that 72 percent believe stakeholder scrutiny of ESG will continue to accelerate.