Heat a large heavy-bottomed skillet over high heat. Add the butter, olive oil and honey. Stir well and add the carrots, fennel, orange zest and fennel seeds. Toss until the slices are well coated with the oil. Sauté for 2 to 3 minutes until the fennel starts to soften, tossing occasionally.
Add the water, orange juice, salt and pepper. Toss quickly and reduce heat to between medium and medium-low. Cover the pan and simmer for 10 minutes until the vegetables are tender.
Uncover the pan. Raise heat to high and fast-simmer until the juices have all evaporated and some of the vegetables are golden-brown, about 6 to 7 minutes, tossing only occasionally so as not to break or mush the vegetables.
Remove orange zest, transfer to a serving platter, sprinkle with the fennel greens and serve immediately.
