Preheat the oven to 400 degrees F.
In a large ovenproof saucepan or Dutch oven, heat 1 tablespoon olive oil and butter over medium heat.
Sauté the shallots until they start to turn soft and translucent, about 2-3 minutes.
Add the garlic, red pepper flakes, salt, pepper and chopped sage. Continue cooking for 30 seconds – 1 minute until fragrant.
Stir in the Arborio rice and toast for 1 minute.
Pour in the wine, letting it bubble, deglaze the pan and be absorbed by the rice.
Stir in the pumpkin puree and vegetable broth. Bring to a boil, cover the pan with a lid and transfer to the oven.
Bake the risotto for 20-25 minutes until the rice is tender.
While the risotto is in the oven, make the crispy sage. In a small saucepan over medium-high heat, warm the olive oil. Fry the sage leaves for 30 seconds – 1 minute until crisp.
Stir in the grated Parmesan letting it melt into the risotto.
Divide the risotto into bowls and top with crispy sage and additional Parmesan.