[proofplan]
The [contravariant Hom functor](/theorems/3973) is always left exact: a short exact sequence $0 \to A \to B \to C \to 0$ gives exactness at $\operatorname{Hom}_{\mathcal A}(C,I)$ and $\operatorname{Hom}_{\mathcal A}(B,I)$. Thus exactness is equivalent to the remaining surjectivity of the restriction map $\operatorname{Hom}_{\mathcal A}(B,I)\to \operatorname{Hom}_{\mathcal A}(A,I)$ for every monomorphism $A\to B$. That surjectivity is precisely the extension property defining injectivity of $I$.
[/proofplan]
[step:Define the induced Hom maps for a short exact sequence]
Let
\begin{align*}
0 \longrightarrow A \xrightarrow{u} B \xrightarrow{v} C \longrightarrow 0
\end{align*}
be a short exact sequence in $\mathcal A$. Define group homomorphisms
\begin{align*}
v^*: \operatorname{Hom}_{\mathcal A}(C,I) &\to \operatorname{Hom}_{\mathcal A}(B,I),&
\varphi &\mapsto \varphi \circ v,
\\
u^*: \operatorname{Hom}_{\mathcal A}(B,I) &\to \operatorname{Hom}_{\mathcal A}(A,I),&
\psi &\mapsto \psi \circ u.
\end{align*}
Since $v\circ u=0$, for every $\varphi:A\to I$ one has
\begin{align*}
u^*(v^*(\varphi))=(\varphi\circ v)\circ u=\varphi\circ (v\circ u)=0.
\end{align*}
Thus $\operatorname{im}(v^*)\subseteq \ker(u^*)$.
[/step]
[step:Prove the left exact part of the contravariant Hom sequence]
We first prove that
\begin{align*}
0 \longrightarrow \operatorname{Hom}_{\mathcal A}(C,I)
\xrightarrow{v^*}
\operatorname{Hom}_{\mathcal A}(B,I)
\xrightarrow{u^*}
\operatorname{Hom}_{\mathcal A}(A,I)
\end{align*}
is exact.
Since $v$ is an epimorphism, if $\varphi_1,\varphi_2:C\to I$ satisfy $v^*(\varphi_1)=v^*(\varphi_2)$, then
\begin{align*}
\varphi_1\circ v=\varphi_2\circ v,
\end{align*}
and therefore $\varphi_1=\varphi_2$. Hence $v^*$ is injective.
Now let $\psi:B\to I$ satisfy $u^*(\psi)=0$, so $\psi\circ u=0$. Because $v:B\to C$ is the cokernel of $u:A\to B$, the universal property of the cokernel gives a unique morphism $\varphi:C\to I$ such that
\begin{align*}
\varphi\circ v=\psi.
\end{align*}
Thus $\psi=v^*(\varphi)$, so $\ker(u^*)\subseteq \operatorname{im}(v^*)$. Together with the previous inclusion, this gives
\begin{align*}
\ker(u^*)=\operatorname{im}(v^*).
\end{align*}
[guided]
We verify the part of exactness that does not use injectivity of $I$. The map $v^*$ is precomposition with $v$, so it sends a morphism $\varphi:C\to I$ to the composite $\varphi\circ v:B\to I$. To prove that $v^*$ is injective, suppose $\varphi_1,\varphi_2:C\to I$ satisfy
\begin{align*}
v^*(\varphi_1)=v^*(\varphi_2).
\end{align*}
By definition of $v^*$, this means
\begin{align*}
\varphi_1\circ v=\varphi_2\circ v.
\end{align*}
Since $v$ is an epimorphism in the short exact sequence, equality after precomposition with $v$ forces $\varphi_1=\varphi_2$. Hence $v^*$ is injective.
Next we identify the kernel of $u^*$. Let $\psi:B\to I$ be a morphism with $u^*(\psi)=0$. This means
\begin{align*}
\psi\circ u=0.
\end{align*}
In the short exact sequence, $v:B\to C$ is a cokernel of $u:A\to B$. The universal property of this cokernel says that every morphism out of $B$ which kills $u$ factors uniquely through $v$. Applying this to $\psi:B\to I$, there is a unique morphism $\varphi:C\to I$ satisfying
\begin{align*}
\varphi\circ v=\psi.
\end{align*}
Therefore $\psi=v^*(\varphi)$, so every element of $\ker(u^*)$ lies in $\operatorname{im}(v^*)$. The reverse inclusion follows from $v\circ u=0$, because for every $\varphi:C\to I$,
\begin{align*}
u^*(v^*(\varphi))=(\varphi\circ v)\circ u=\varphi\circ (v\circ u)=0.
\end{align*}
Thus $\ker(u^*)=\operatorname{im}(v^*)$.
[/guided]
[/step]
[step:Use injectivity of $I$ to prove exactness of the Hom functor]
Assume that $I$ is injective. To prove that $\operatorname{Hom}_{\mathcal A}(-,I)$ is exact, it remains only to prove that $u^*$ is surjective for every short exact sequence as above.
Let $f:A\to I$ be any morphism. Since $u:A\to B$ is a monomorphism and $I$ is injective, there exists a morphism $g:B\to I$ such that
\begin{align*}
g\circ u=f.
\end{align*}
By definition of $u^*$, this says $u^*(g)=f$. Hence $u^*$ is surjective. Combining this surjectivity with the left exactness proved above, the sequence
\begin{align*}
0 \longrightarrow \operatorname{Hom}_{\mathcal A}(C,I)
\xrightarrow{v^*}
\operatorname{Hom}_{\mathcal A}(B,I)
\xrightarrow{u^*}
\operatorname{Hom}_{\mathcal A}(A,I)
\longrightarrow 0
\end{align*}
is exact for every short exact sequence in $\mathcal A$. Therefore $\operatorname{Hom}_{\mathcal A}(-,I):\mathcal A^{\operatorname{op}}\to\operatorname{Ab}$ is exact.
[/step]
[step:Use exactness of the Hom functor to recover the injective extension property]
Conversely, assume that
\begin{align*}
\operatorname{Hom}_{\mathcal A}(-,I):\mathcal A^{\operatorname{op}}\to\operatorname{Ab}
\end{align*}
is exact. We prove that $I$ is injective.
Let $u:A\to B$ be a monomorphism in $\mathcal A$, and let $f:A\to I$ be any morphism. Since $\mathcal A$ is abelian, $u$ has a cokernel. Let
\begin{align*}
v:B\to C
\end{align*}
be a cokernel of $u$. Because $u$ is a monomorphism and $v$ is its cokernel, the sequence
\begin{align*}
0 \longrightarrow A \xrightarrow{u} B \xrightarrow{v} C \longrightarrow 0
\end{align*}
is short exact. Exactness of $\operatorname{Hom}_{\mathcal A}(-,I)$ therefore gives exactness of
\begin{align*}
0 \longrightarrow \operatorname{Hom}_{\mathcal A}(C,I)
\xrightarrow{v^*}
\operatorname{Hom}_{\mathcal A}(B,I)
\xrightarrow{u^*}
\operatorname{Hom}_{\mathcal A}(A,I)
\longrightarrow 0.
\end{align*}
In particular, $u^*$ is surjective. Hence there exists a morphism $g:B\to I$ such that
\begin{align*}
u^*(g)=f.
\end{align*}
By definition of $u^*$, this means
\begin{align*}
g\circ u=f.
\end{align*}
Thus every morphism $f:A\to I$ extends along every monomorphism $u:A\to B$. This is exactly the injectivity of $I$.
[/step]
[step:Conclude the equivalence]
We have shown that if $I$ is injective, then the contravariant Hom functor $\operatorname{Hom}_{\mathcal A}(-,I)$ sends every short exact sequence in $\mathcal A$ to a short exact sequence of abelian groups in the reversed direction. We have also shown that if this Hom functor is exact, then every morphism into $I$ extends along every monomorphism. Therefore $I$ is injective if and only if $\operatorname{Hom}_{\mathcal A}(-,I):\mathcal A^{\operatorname{op}}\to\operatorname{Ab}$ is exact.
[/step]