Heat olive oil and butter in a dutch oven over medium heat. When butter foams, add shallots, and cook, stirring occasionally, until translucent, about 1-3 minutes.
Add rice to dutch oven and stir so that oil mixture coats rice. Cook for 2 minutes, stirring frequently, to lightly toast the rice.
Deglaze pan with wine, stirring to combine until wine is absorbed.
Add 1 cup of broth to pan and stir until absorbed. Add broth, 1 cup at a time, until absorbed, stirring constantly. Continue to add broth and stir until rice is cooked to al dente.
Stir in lemon zest, lemon juice, and grated Parmesan cheese.
Season with sea salt and black pepper to taste.
