Heat 1 tablespoon oil and 1 tablespoon butter over medium heat in a medium heavy-bottomed pot; add carrots and stir with a wooden spoon until well coated. Add ½ cup water, ½ teaspoon salt, and the sugar; cover and cook 5 minutes, or until tender. Uncover and cook, stirring occasionally, until water evaporates and carrots are just starting to brown, a few minutes more. Reserve half of the carrots. In a blender, purée other half with ¾ cup hot water.

Bring chicken broth to a simmer and keep at a simmer, covered, over low heat.

Heat remaining oil and butter over medium heat in same (unwashed) pot used for carrots. Add onion and cook until translucent, about 3 minutes. Add rice, stirring with a wooden spoon to coat rice with oil, 1 minute. Add wine and cook, stirring, until wine evaporates. Add carrot purée and cook, stirring, until mixture no longer looks soupy.

Add ½ cup hot broth, stirring often, until rice absorbs most of the liquid. Repeat process, adding ½ cup broth at a time and stirring often till each addition is absorbed before adding the next, until rice is al dente (about 20 minutes).

Fold in reserved carrots ¼ cup Parmesan, and the thyme. Add up to 1 cup broth (¼ cup at a time) to loosen the risotto. Season with salt and white pepper to taste.

Sprinkle each bowl of risotto with some of remaining ½ cup parmesan; serve immediately