Graphics error failed initializing graphics

[LunaMoo]

This means your gpu is too old to run PPSSPP with default OGL backend and it tries to switch to the inferior D3D backend just to find that it doesn't work either.

With the latter you either don't have dx runtimes from microsoft or your hardware is just really ancient and will not be able to run ppsspp at all. Note that even if it will work, chances are your hardware is too weak for psp games to reach playable speed.