Melt the butter over medium heat in a large pot. Add the shallots and cook for about 4 - 5 minutes, or until softened.
Add the chicken stock in ½ cup increments stirring each time until mostly absorbed. Keep doing this until the risotto reaches the texture and thickness you want - it should take about 20 or 25 minutes.
While the risotto is cooking, heat some water in another pot and blanch the peas for about 2 minutes. When the risotto is ready, stir in the peas, the Parmesan and pesto - season with salt and pepper. Let the risotto rest while you sear the scallops.
Heat the remaining tablespoon of butter over medium high heat in a heavy bottomed skillet. Generously salt and pepper one side of each scallop and place in the hot skillet. Cook for about 1 - 2 minutes per side, then remove with tongs and serve with the risotto.