START: In a 6-quart Instant Pot, stir together the oil, rice, scallions, garlic, bell pepper and cilantro stems. Add the coconut water, cumin, sugar, 2 teaspoons salt and 1 teaspoon pepper. Stir to combine, then distribute the mixture in an even layer.
Fast: Lock the lid in place and move the pressure valve to Sealing. Select Pressure Cook or Manual; adjust the pressure level to Low. Set the cooking time for 10 minutes. When pressure cooking is complete, quick-release the steam by moving the pressure valve to Venting. Press Cancel, then carefully open the pot. >br/>--OR--
Slow: Select More/High Sauté and bring the mixture to a boil. Press Cancel, then lock the lid in place and move the pressure valve to Venting. Select Slow Cook and set the temperature to Less/Low. Set the cooking time for 2 to 2 1/2 hours; the rice is done when the liquid is absorbed and the grains are tender. Press Cancel, then carefully open the pot.
FINISH: Using potholders, carefully remove the insert from the housing. Without fluffing the rice, scatter the beans over the surface, then drape a kitchen towel across the top and re-cover without locking the lid in place. Let stand for 10 minutes. Uncover and add the cilantro leaves, then fluff the rice, stirring in the beans and cilantro. Taste and season with salt and pepper.