[guided]Assume condition (4): every embedding of $I$ into a left $R$-module admits a retraction. We want to prove injectivity of $I$. Therefore we start with an arbitrary injective homomorphism $\alpha: A \to B$ and an arbitrary homomorphism $f: A \to I$, and we must extend $f$ to a homomorphism $B \to I$.
The obstruction is that $f$ is defined only on $A$, while the desired extension is defined on $B$. The pushout forces the two maps out of $A$ to agree in a single module. Define
\begin{align*}
P := (B \oplus I)/K,
\end{align*}
where
\begin{align*}
K := \{(\alpha(a), -f(a)) : a \in A\}.
\end{align*}
This is a submodule of $B \oplus I$ because $\alpha$ and $f$ are $R$-linear. Let $[(b,i)]$ denote the class of $(b,i) \in B \oplus I$ modulo $K$. Define
\begin{align*}
j_B: B &\to P, & b &\mapsto [(b,0)], \\
j_I: I &\to P, & i &\mapsto [(0,i)].
\end{align*}
Both maps are left $R$-module homomorphisms because they are induced from the coordinate inclusions into the direct sum followed by the quotient map.
We need to apply condition (4), so we must check that $j_I$ is injective. Suppose $j_I(i) = 0$. Then $(0,i) \in K$, so there exists $a \in A$ such that
\begin{align*}
(0,i) = (\alpha(a), -f(a)).
\end{align*}
Comparing the first coordinate gives $\alpha(a) = 0$. Since $\alpha$ is injective, $a = 0$. Comparing the second coordinate then gives $i = -f(0) = 0$. Thus $j_I$ is injective.
Condition (4) now applies to the embedding $j_I: I \to P$. Hence there exists a left $R$-module homomorphism
\begin{align*}
\rho: P \to I
\end{align*}
such that
\begin{align*}
\rho \circ j_I = \operatorname{id}_I.
\end{align*}
Define
\begin{align*}
g: B &\to I \\
b &\mapsto \rho(j_B(b)).
\end{align*}
This map is $R$-linear as a composition of $R$-linear maps.
It remains to verify that $g$ extends $f$. For $a \in A$, the element $(\alpha(a),-f(a))$ lies in $K$, so it becomes zero in the quotient $P$. Equivalently,
\begin{align*}
[(\alpha(a),0)] = [(0,f(a))].
\end{align*}
Thus
\begin{align*}
j_B(\alpha(a)) = j_I(f(a)).
\end{align*}
Applying $\rho$ gives
\begin{align*}
(g \circ \alpha)(a)
&= \rho(j_B(\alpha(a))) \\
&= \rho(j_I(f(a))) \\
&= f(a),
\end{align*}
because $\rho \circ j_I = \operatorname{id}_I$. Since this holds for every $a \in A$, we have $g \circ \alpha = f$. This is exactly the injectivity extension property for $I$.[/guided]