Heat 1 Tbsp. olive oil in a skillet over medium-high. Add onion and baking soda; cook 10 minutes. Add water and carrots to pan; bring to a boil. Reduce heat and simmer, partially covered, 6 minutes. Increase heat to medium-high; cook, uncovered, 4 minutes or until liquid evaporates. Add vinegar, 1 Tbsp. olive oil, thyme, salt, and pepper.