Preheat oven to 325 degrees.
Season short ribs with salt and pepper. Heat olive oil in a large oven proof skillet, sear ribs on all sides until brown and a crispy layer has formed. Remove ribs from skillet once finished.
Add onions, garlic and carrots to the skillet. Cook for about 10 minutes or until onions begin to brown. Add the short ribs back to the skillet. Add red wine, beef broth, tomato paste and thyme. Let simmer for a few minutes, then put skillet in the oven and cook for 2 1/2 to 3 hours. Short ribs should be falling off the bones.
Remove thyme and serve short ribs and carrots over risotto.