In a medium pot combine butter, olive oil, and rice over medium high heat. Stirring constantly, toast rice until golden brown (about 10 minutes.) Add coconut milk, chicken broth, chili powder, and brown sugar. Stir together and bring to a boil. Immediately cover with a tight fitting lid, and bring down to a simmer. Cook covered for 45 to 50 minutes until all liquid is absorbed. Meanwhile toast coconut in a skillet over medium high heat until golden brown. Stir constantly. When rice is done remove from heat, and let sit uncovered for 5 minutes. Fluff with fork. Top with toasted coconut as garnish or mix together with rice.