Preheat your oven to 350°F (175°C).
Season the short ribs with salt and pepper.
In a large oven-safe pot, heat olive oil over medium-high heat.
Sear the short ribs on all sides until browned, about 4-5 minutes per side.
Remove ribs and set aside; add chopped onion and carrots to the pot.
Sauté until onions are translucent, about 5 minutes.
Add minced garlic and cook for an additional minute.
Stir in red wine and scrape up any browned bits from the pot.
Mix in beef broth and tomato paste, then return short ribs to the pot.
Add thyme, cover, and transfer to the oven. Cook for 2.5-3 hours until tender.