Scrub the beets clean and then place them in a saucepan fitted with a steamer basket and about 2 inches of water. Cover with water and cook for about 30 minutes or until tender all the way through when pierced with a fork. Once the beets are cool enough to handle, rub the skins off and cut them into 1-inch cubes.
In a large, wide frying pan, heat 1 tablespoon of the butter and the olive oil, sweat the shallots and garlic until just soft.
Stir in the dry arborio rice, continuing to brown. Add half of the chopped beets.
Meanwhile, heat the vegetable broth in a saucepan until at a low simmer, then reduce to warm.
Stir in the white wine to the skillet until absorbed.
Ladle in one cup of the hot broth and stir, cooking until fully absorbed. Continue to add 1 cup of simmering broth at a time, waiting until each addition is absorbed before adding the next, until all broth is gone. This process takes about 20-25 minutes.
Risotto should be creamy and rice granules taunt. Stir in the salt and the remaining cooked beets.
Spoon into serving bowls, top with a dollop of ricotta cheese and drizzle lightly with honey.
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