Add olive oil to a large pot over medium-high heat. Once hot, add onions. Cook for about 5 minutes, stirring occasionally.
Add ground beef. Break it apart with a wooden spoon. Cook for 6-7 minutes or until the beef is browned, stirring occasionally.
Add chili powder, cumin, sugar, tomato paste, garlic powder, salt, and pepper. Stir until well combined.
Add the broth, canned tomatoes with their juice, drained beans, and tomato sauce. Stir well.
Bring the liquid to a low boil. Then, reduce the heat and gently simmer the chili, uncovered, for 20-25 minutes, stirring occasionally.
Remove the pot from the heat. Let the chili rest for a few minutes and serve with your favorite toppings.