I found this on an old thread
"This is most likely a config file issue, I assume you using mods too, SKSE too I hope?
Load via the normal game launcher and try now.
If that does not work go to:
C:\Program Files (x86)\Steam\steamapps\common\skyrim
Delete everything except the "DATA" folder and verify game cache via steam! "
If that doesn't work type Skyrim failed to initialize renderer in google and theres loads of info.