1In 3- to 4-quart saucepan, heat broth and water to boiling. Reduce heat; simmer while preparing risotto.
2Meanwhile, in 10-inch skillet, melt butter over medium heat. Add onion, carrot and garlic; cook 2 to 3 minutes, stirring occasionally, until onion and carrot are tender. Stir in wine; cook 1 minute or until wine boils. Stir in rice, salt and 1 cup simmering liquid. Cook until liquid is absorbed into rice, stirring frequently. Continue to add liquid, 1 cup at a time, cooking until liquid is absorbed and stirring frequently.
3When 4 cups liquid have been absorbed, stir in asparagus. Test rice for doneness, and continue adding 1/2 cup liquid at a time until rice is tender but still firm and creamy (process takes 15 to 20 minutes).
4Remove skillet from heat. Stir in pine nuts and cheese. Serve immediately.