Trim tough ends from asparagus and cut into 1-1/2" pieces. I like to cut on the diagonal.
Toss the cut pieces into boiling water for about 2-3 minutes. Remove and immediately submerse in ice cold water to stop the cooking.
Drain the asparagus into a bowl and add the Spring (or frozen peas). Set aside.
In a large saute pan, add the butter (or vegan margarine) and oil. Saute the finely diced shallots until tender.
Add the uncooked Arborio rice and saute until opaque.
While this is happening, place a pot over medium heat and add the broth and water. Ladle two scoops into the rice.
Stir until most of the liquid is absorbed and add more broth. Continue this process until all of the broth has been used and the rice is tender. PLEASE NOTE: Your rice may require more broth (or water) to complete the cooking process.
Stir in the veggies and parmesan (or vegan alternative), adding salt and pepper to taste.