
It applies to raw chemicals, and shows how they can evolve under the right conditions. And the "right conditions" are ubiquitous; in these terms, given enough energy to cause random reactions among the available chemicals, and given enough time, something will evolve. Whether it will be "life" or not depends upon how you define "life" and on the amount of energy flow available, and on how long you're willing to wait. No more.
Now we represent evolution with an equation, one that discusses the essence of evolvability. And we can see that that which we call "life" is that which enhances its own evolvability. This is a two-fer: a really good mathematical definition of the ability to evolve, and a definition of life comes out of it for free. When you start getting stuff like that for free, it's called "consilience" and it's a sign you're on the right track.
Deny that, motherfuckers.