Infuse the saffron: Soak the saffron threads in 2 tablespoons of hot broth for 10–15 minutes.
Prepare the broth: Heat the broth in a saucepan and keep it warm on low heat.
Sauté the onion: In a large pan, heat the olive oil or butter over medium heat. Add the chopped onion and sauté until translucent, about 5 minutes.
Cook the rice: Add the Arborio rice to the pan and stir to coat the rice in the oil. Toast for 1–2 minutes until lightly golden.
Deglaze with wine: Pour in the white wine and stir until it is mostly absorbed.
Add broth gradually: Begin adding the warm broth, one ladle at a time, stirring constantly. Wait until each ladleful is absorbed before adding more.
Add the saffron: Pour in the saffron-infused broth and continue stirring until the rice is creamy and cooked al dente. This should take about 18–20 minutes.
Finish with cheese: Remove the pan from the heat and stir in the grated Parmesan cheese. Season with salt and pepper to taste.
Serve: Garnish with extra Parmesan and a few saffron threads. Serve hot.