Warm vegetable broth in a pot over medium heat.
Heat vegan butter and olive oil over medium heat in a 4-quart, wide pan (about 10-12 inches in diameter) with high, straight sides (about 3-4 inches high) until butter is melted. Add the shallot and cook until it becomes translucent, about 2 minutes, stirring occasionally.
Add the Arborio rice and stir until it is well coated.
Then, add the wine and stir constantly until it is absorbed.
Once wine is absorbed, add one ladleful (approximately 1/4 cup) of broth. Stir constantly until broth is absorbed.
When broth is absorbed, add another ladleful. Continue to add broth one ladleful at a time as it is absorbed, stirring constantly. Repeat this process until rice is tender and has a creamy consistency (will take about 20-25 minutes from this point).
Once the rice is creamy, and you have used all or most of your broth (you might not need it all), turn off the heat and stir in the nutritional yeast and shredded vegan Parmesan cheese. Add the freshly squeezed lemon juice and lemon zest, and stir to combine.
Stir in kosher salt and freshly ground black pepper to taste.
Garnish with fresh parsley and lemon slices. Serve immediately.