With the term life and godliness
Peter is referring to life as a believer in this world, a hendiadys for godly living.1 By his Spirit and through his providence, God has given us everything we need in order to live and work in this world—that which is most essential for self-existence and social-existence finds its source in him.2 He created us, he keeps us alive, he works in us by his Spirit. The basis for Christian living is in what God through Christ has done for his people.3
3 His divine power has granted to us all things that pertain to life and godliness, through the knowledge of him who called us to his own glory and excellence,