Bring water and coconut milk to a boil. Add grits and cook over medium heat. Stir consistently. Cook until liquid is absorbed, about 20 minutes.
In a separate pan add bacon. Cook until just crispy on both sides. Remove bacon and add garlic and green onions to bacon grease. Cook for 2 minutes. Add shrimp, and cook until they turn pink (about 3 min).
Chop bacon slices and add to the pan. Add lemon juice, salt and pepper and stir well.
Spoon grits into a serving bowl. Add shrimp mixture and top with fresh parsley, if desired.