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The error message "Qt: Could not initialize OLE (error 80070005)" typically occurs when there are permission issues with the system registry. The following steps can help resolve this error:

1. Open the Registry Editor by pressing Win + R, typing "regedit" and hitting enter.

2. Navigate to the following key: HKEYCLASSESROOT\CLSID{00024500-0000-0000-C000-000000000046}

3. Right-click on the key and select "Permissions".

4. Click on "Advanced" in the Permissions window.

5. In the Advanced Security Settings window, click on "Add" and type "Everyone" in the "Enter the object names to select" field.

6. Click on "Check names" and then "OK".

7. Select "Everyone" from the list of users and ensure that the "Full Control" box is checked.

8. Click "OK" to save the changes.

9. Close the Registry Editor and restart your computer.

After following these steps, try running the Qt application again. The error message "Qt: Could not initialize OLE (error 80070005)" should no longer appear.