Pat the shrimp gently with paper towels to absorb any excess moisture. Set aside.
In a medium bowl, mix the coconut water, sugar, caramel, and fish sauce until well-combined. Taste it to ensure it has a nice balance of flavors.
Heat the coconut oil in a large skillet over medium heat. Cook the shallots and garlic until they're translucent, about 3 to 4 minutes.
Add the coconut water mixture to the skillet and bring it to a boil. Let it reduce at a steady simmer for about 10 to 12 minutes.
Add the shrimp and cook, stirring constantly, until they turn pink and opaque.
If the sauce thickens too quickly, remove the shrimp and let the sauce continue to reduce before adding them back.
Turn off the heat and stir in the scallions and a generous amount of black pepper.
Let it sit for a minute, then serve immediately.
