Answer from our Discord FAQ:
Why do I get a "Failed to Initialize Graphics" error / black screen?
You need to update your graphics drivers directly from the manufacturer's site. Make sure they are up-to-date—and don't rely on Windows Update or similar, as they always lag behind. If it still doesn't work, and you know for a fact that your drivers are up-to-date, then your system does not meet the minimum requirements to run the latest version of the game.
Compatibility Patch
Should your system be old enough that even the latest available driver does not fix the issue, try the compatibility patch and see if that works for you.
WARNING: Only use the compatibility patch if you are certain the game won't run otherwise, because the game will run poorly in comparison to the normal version of the game. The patch can be found [at the download links above], the same place you download the game.