What is covenant theology?

What is Covenant Theology? | G3 Ministries

"The substance of the covenant is “justification by faith alone in Christ alone.” The OT Law pointed forward to Christ by (1) revealing sin and (2) restraining sin (Gal 3:19-26). The NT church’s ordinances (baptism and the Lord’s Supper) are intended only for regenerate saints to nourish and renew their thirsty souls. Indeed, Paul has dire warnings for those who take the Lord’s Supper unworthily (1 Cor 11:30).

The key point to remember in Baptist covenant theology: The Covenant of Grace “is” the New Covenant and only includes regenerate souls, in both OT and NT eras, who were justified by faith. The Old Covenant merely promises it. For instance, unregenerate souls are welcomed (and encouraged) to attend worship gatherings and witness the church ordinances, but both church membership and participation in the ordinances are reserved for the covenant (or regenerate) people."