Preheat the oven to 350 degrees F. Line a rimmed baking sheet with aluminum foil.
In a large Dutch oven, bring the water to a boil over high heat. Add the green beans and boil until crisp-tender, about 5 minutes. Remove from the heat, drain, and plunge into ice water to stop the cooking.
Wrap 5 or 6 green beans with 1 carrot ribbon. Place seam side down on the prepared baking sheet. Repeat the process with the remaining green beans and carrot ribbons.
In a large skillet, cook the bacon pieces over medium heat until crispy. Remove from the pan with a slotted spoon and drain on paper towels; set aside. Reserve 3 tablespoons bacon drippings in a skillet and heat over medium heat. Add the shallots and cook for 2 minutes, stirring occasionally. Add the brown sugar and cook for 1 minute. Stir in the balsamic vinegar and cook for 6 minutes. Remove from the heat and stir in the olive oil. Drizzle 1 tablespoon of the hot mixture evenly over the green bean bundles. Bake until green beans are tender, 15 to 20 minutes. Sprinkle with bacon before serving.
Recipe courtesy of Paula Deen