Problem 1
- Root composer.json requires magento/composer-root-update-plugin ~1.0 -> satisfiable by magento/composer-root-update-plugin[1.0.0].
- magento/composer-root-update-plugin 1.0.0 requires composer-plugin-api ^1.0 -> found composer-plugin-api[2.0.0] but it does not match the constraint.
Problem 2
- Root composer.json requires dealerdirect/phpcodesniffer-composer-installer ^0.5.0 -> satisfiable by dealerdirect/phpcodesniffer-composer-installer[v0.5.0].
- dealerdirect/phpcodesniffer-composer-installer v0.5.0 requires composer-plugin-api ^1.0 -> found composer-plugin-api[2.0.0] but it does not match the constraint.
Problem 3
- laminas/laminas-dependency-plugin[1.0.0, ..., 1.0.4] require composer-plugin-api ^1.1 -> found composer-plugin-api[2.0.0] but it does not match the constraint.
- magento/product-community-edition 2.4.0 requires laminas/laminas-dependency-plugin ^1.0 -> satisfiable by laminas/laminas-dependency-plugin[1.0.0, ..., 1.0.4].
- Root composer.json requires magento/product-community-edition 2.4.0 -> satisfiable by magento/product-community-edition[2.4.0].
You are using Composer 2, which some of your plugins seem to be incompatible with. Make sure you update your plugins or report a plugin-issue to ask them to support Composer 2.
If you are getting this type of error then you have to downgrade the version of the composer by following command.
composer self-update 1.10.16