In a small bowl, steep the saffron threads in 2 tablespoons of warm broth. Set aside.
In a large saucepan or skillet, heat 2 tablespoons of butter and the olive oil over medium heat.
Add the finely chopped onion and sauté until it becomes translucent, about 5 minutes.
Add the Arborio rice to the pan and stir to coat the rice with the butter and oil. Cook for about 2 minutes until the edges of the rice become translucent.
Pour in the dry white wine and cook, stirring constantly, until the wine is mostly absorbed by the rice.
Begin adding the warm broth, one ladleful at a time, stirring frequently. Wait until the broth is mostly absorbed before adding more.
After about 10 minutes of cooking, stir in the saffron-infused broth.
Continue adding broth and stirring until the rice is creamy and cooked al dente, about 18-20 minutes in total. The rice should be tender but still have a slight bite in the center.
Stir in the remaining 1 tablespoon of butter and the grated Parmesan cheese. Season with salt and black pepper to taste.
Transfer the saffron risotto to serving plates.
Garnish with freshly chopped parsley.
Enjoy your meal!