In a large pot, bring the vegetable broth or water to a boil. Once it is boiling, turn down the heat and keep it at a simmer.
In a large sauté pan, warm the olive oil over low heat. Add the garlic and shallots and cook for about 5 minutes or until they start to lightly brown.
Then add the rice and stir well. Cook for about 3 minutes.
Ladle 1 cup of the liquid into the rice mixture and simmer, stirring occasionally until the liquid is absorbed. Repeat this step, adding 1 cup of liquid at a time until the rice is cooked through but still a tad firm, about 35-45 minutes.
Steam asparagus until a bright green color, about 3-4 minutes. Do not overcook.
Combine all pesto ingredients in a blender or food processor and pulse until blended smooth. Serve over risotto.