Prepare Broth and Vegetables: Heat 1 liter of vegetable broth in a saucepan over medium heat. Finely chop one small onion and one green bell pepper. Cut one red bell pepper into thin strips. Peel four cloves of garlic. Finely grate three tomatoes to yield about 3/4 cup tomato sauce.
Saute Red Bell Pepper and Garlic: Heat 1/4 cup extra virgin olive oil in a 12-inch (30 cm) paella or frying pan over medium heat. Add the red bell pepper strips and garlic cloves. Saute for 3-4 minutes until lightly cooked. Remove and set aside.
Saute Onion and Green Bell Pepper: In the same pan and oil, add chopped onion and green bell pepper. Saute continuously for 3-4 minutes until onions are slightly translucent.
Add Paprika and Tomato Sauce: Add 1/2 teaspoon sweet smoked Spanish paprika to the pan and mix quickly to avoid bitterness. Then add the grated tomato sauce and simmer for about 5 minutes until slightly thickened.
Prepare Garlic-Saffron-Parsley Paste: In a mortar, combine the sauteed garlic cloves, 1/4 teaspoon saffron threads, 2 tablespoons chopped parsley, and a dash of sea salt. Pound with a pestle until a paste-like texture forms. Alternatively, use a food processor or hand blender.
Add Rice and Seasonings: Add 1 cup Spanish round rice to the pan with the tomato mixture. Add the garlic-saffron-parsley paste. Season with sea salt and freshly cracked black pepper. Mix gently to combine.
Add Broth and Cook Rice: Slowly add the simmering vegetable broth to the pan and mix evenly. Cook over medium heat, stirring every 3 minutes to release starch and create a creamy texture.
Prepare and Add Cod: Pat dry 1 pound cod fillets and season one side with sea salt and black pepper. Cut into bite-sized pieces. When the rice has about 5 minutes left to cook (after about 13 minutes), add the cod pieces and 1/2 cup frozen peas evenly over the rice. Continue simmering until rice and fish are cooked through, about 5 more minutes.
Serve: Remove from heat. Garnish with the sauteed red bell pepper strips. Serve directly from the pan with crunchy baguette and Spanish wine.