In a stock pot combine chicken broth and 2 ½ cups water over medium-low heat; bring to a gentle simmer.
With a sharp, heavy knife split the lobster tail shells lengthwise.
Using your hands, remove the meat from the shell (does not matter is it pulls apart). Reserve tail shells. If the lobster has a large vein (which is really the lobster’s intestine) on the back of the meat remove it and discard (see photo).
Cut lobster meat into bite sized pieces. Place in a bowl, cover and refrigerate until needed.
Add lobster tail shells to the stock. Continue to simmer stock over medium-low heat for 30 minutes.
Rinse and trim green beans. Cut into 1 inch lengths.
Blanch the beans by placing them in boiling water with a pinch of salt for 3-4 minutes and transfer them to an ice bath (bowl with cold water and ice cubes) for 1 minute. Drain and set aside. Note: Test a green bean for doneness after blanching. They do not soften incredibly after being put into the risotto so allow them to stay in the boiling water until close to your preferred softness.
Strain the lobster shells from the stock. Return stock to stovetop over low heat and discard shells.
In a large Dutch oven or Casserole over medium high heat, combine 3 tablespoons butter and 3 tablespoons canola oil, stirring until butter melts.
In a separate small mixing bowl, rub a large pinch of saffron threads between thumb and forefinger to break up the threads; add to bowl. Add ½ cup of the simmering stock to crushed saffron.
To the Dutch oven add diced shallots or onion. Sauté, stirring frequently until translucent (about 2-3 minutes); do not brown.
Add rice to Dutch oven. Stir to coat fully with butter-oil-shallot mixture. Stir over medium-high heat for 2-3 minutes.
Pour white wine into Dutch oven, cooking stirring constantly until liquid evaporates (about 1 minute).
Add ¼ cup stock to rice mixture, stirring until absorbed. Repeat, continuing to add stock and stir until liquid is absorbed.
After 12 minutes, pour in crushed saffron and stock mixture. Stir until liquid is absorbed.
After 18 minutes add the green beans and stir to combine. Continue to add stock, stirring until liquid is absorbed.
Taste the rice around 20 minutes and when it is ‘al dente’, soft but still with structure in the middle, the lobster should be added. If it is not yet this texture at 20 minutes, continue to add stock, letting it absorb, tasting the rice until the desired texture is reached to add the lobster. If you run out of stock before the rice reaches the desired consistency, add water ¼ cup at a time until the rice is ‘al dente’.
Cook the rice with the lobster added, stirring constantly for 5 minutes.
After 5 minutes, turn off the heat and stir in the parmesan cheese, 1 tablespoon of butter, salt and pepper to taste. Serve immediately. Garnish with diced Italian parsley.