Steam Stars in Shadow fails at launch with OpenGL error (that shouldn't be an issue)

Stars in Shadow run from Steam fails with:

Code:

Error - a required extension is not supported:
GL_ARB_color_buffer_float
(Updating your graphics card drivers may help resolve this issue.)

However, ARB_color_buffer_float was added in OpenGL 2.0 as far as I can find which should be supported under Parallels (afaict).