God's wrath revealed from heaven is purposeful and intentional punishment for sin. In this passage, it is specifically punishment for the sin of the Gentiles. That is, those who have not been given a specified written law, as the Jews have been given. Specifically, the sin of the Gentiles is their rejection of the One True God.
Everyone Knows
Everyone knows there is only one God. Why? Because God has made it evident. How? Through creation. The mere fact that we are alive and breathing is evidence that we are creatures and that there is a Creator. The simple act of acknowledging Him and saying, "thank you" is enough to move us forward toward redemption. It won't redeem us, but it will be honored by God and He will make a way for us to learn the gospel.
On the flip side, suppressing this truth - and thereby rejecting God - is enough to condemn. People who have never heard the gospel will not be judged by their response to what they have never heard. They will be judged based on what they have known all along. Gentiles are not exempt from punishment for lawbreaking nor from their need for grace.
Turned Over
The punishment for rejecting God is severe. It is also experienced in real time events. More specifically, it is experienced in our very own bodies. The practice of idolatry leads us further down the road of immorality. The punishment is the experience of these immoral desires running rampant and producing the due penalty. This can be hard to hear. But so is learning you have terminal cancer.
Paul lists several consequences and results of this punishment, not the least of which is futile thinking. Later, in vv. 26-32, he will describe the utter depths of human depravity when suppressors of truth are "given over" these desires.
Yes, It Matters
You might wonder why we need to know this and why I'm spending time covering it. First, so you are aware of the realities of this world and thus your life in it. You are a broken person living in a broken world and are not immune to the residual effects of sin. It is a condition of this life.
On the other hand, your redemption by grace through faith gives you "eyes to see" what is really going on. It also reminds you - frequently - that your greatest problem has already been solved. When you can live in that truth, you can consistently move forward.
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