Pat the lamb dry and season it with salt and pepper. Heat the olive oil in a large Dutch oven over medium-high heat, then brown the lamb in batches until all sides are seared. Remove the lamb and set it aside.
Add the onion to the same pot and cook until softened. Stir in the garlic and tomato paste, cooking for one minute until fragrant.
Add the wild mushrooms and carrots. Cook for several minutes until the mushrooms begin to release their liquid.
Pour in the Pinot Noir and scrape the bottom of the pot to release any browned bits. Let the wine simmer for two minutes.
Return the lamb to the pot along with the beef broth, rosemary, thyme, and bay leaves. Bring everything to a gentle boil, then reduce the heat to low, cover, and simmer for about two hours until the lamb is tender.
Remove the herb sprigs and bay leaves. Taste and adjust seasoning with salt and pepper if needed. Stir in the chopped parsley just before serving.