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In a medium saucepan, bring the chicken broth to a boil over high heat. Turn off the heat but leave the saucepan on the burner and cover to keep warm.
In a large Dutch oven, heat the oil and butter over medium heat. Once the butter is melted and starting to bubble, add the shallots. Cook, stirring frequently, until the shallots are tender and just starting to brown, about 2 to 3 minutes.
Add the mushrooms. Cook, stirring occasionally, until mushrooms are very tender, about 5 to 7 minutes.
Stir in the rice. Cook, stirring constantly, until rice becomes translucent and fragrant, about 3 to 4 minutes.
Add the wine, salt, and pepper. Bring the mixture to a boil. Reduce the heat to medium-low and stir constantly until the wine has evaporated completely, about 3 to 4 minutes.
Add one ladle (about ½ cup) of warm broth to the rice. Cook, stirring constantly, until the broth is almost completely absorbed. Repeat the process, adding one ladle of broth at a time, until the rice is thickened, tender, and creamy, about 30 to 35 minutes more. Stir in the Parmesan cheese and chives. Serve immediately and garnish with chives, if desired.