In a medium pot, warm the broth on low heat.
Next, heat the olive oil in a large pan over medium heat. Add the onion and cook until it softens, then stir in the garlic and cook for about 30 seconds.
Stir in the rice and cook for 1–2 minutes until it looks slightly glossy.
Start adding the warm broth about ½ cup at a time, letting it absorb before adding more. Stir occasionally and keep it moving.
Around the 10-minute mark, stir in the grated carrots.
Once the rice is tender and creamy (about 18–20 minutes total), stir in the nutritional yeast, lemon zest, and a squeeze of lemon juice. Season to taste. (If it gets too thick, add a splash of warm broth.)
Serve right away and top with the crispy shallots.