Heat chicken broth in a medium saucepan. Keep hot during preparation.
Heat the butter and oil in a large, heavy saucepan over medium heat. Add the garlic and shallots, and saute, stirring occasionally, until soft and translucent, 3-4 minutes. Do not brown.
Add the rice, and stir to coat. Cook rice, stirring frequently, until well coated and grains start to appear translucent, about 2 minutes.
Add the white wine, and stir constantly until it has evaporated, about 2 minutes.
Add 1 cup of the hot stock, and cook, stirring constantly, until almost all of the liquid has evaporated. Then add hot stock, 1/2 cup at a time, stirring constantly until each addition is absorbed before adding the next (reserve about 1/2 cup for serving). Cook until rice is tender but still firm in the center (a total of 20-25 minutes).
Remove pan from heat, and stir in 2 t lemon zest, 1/4 c Parmesan cheese, salt & pepper. Add some of the remaining stock a little at a time to reach the desired consistency. Serve immediately, garnished with Parmesan cheese and parsley.