The algorithm iteratively picks the vertex with maximum degree and removes it and every incident edge of the vertex, until only vertices with degree of $0$ are left.
Formally:
$\text{GreedyVertexCover}(G)$:
$C\leftarrow \emptyset$
While $(E\neq\emptyset)$
$\hspace{10pt}\text{Pick a vertex }v \text{ that has maximum degree}$
$\hspace{10pt}C\leftarrow C\cup \{v\}$
$\hspace{10pt}E=E\setminus\{e\in E:v\in e\}$
$\hspace{10pt}\text{Remove all vertices with degree 0}$
$\text{ Return } C$
My idea of the upper bound (please correct me if wrong): let $v_1, ..., v_n$ be the removed vertices. Define the cost of removing a vertex $v_i$ to be $c(v_i) = \cfrac{1}{\deg(v_i)}$. At any iteration $i$, among the vertices of the complementary set $\bar{C}$, there must exists a vertex with cost of at most $\cfrac{OPT}{n - i + 1}$. Therefore the cost of constructing the set $C$ can be at most
$$\sum_{i = 1}^{n} \cfrac{OPT}{n - i + 1} = \mathcal{O}(\log n) \cdot OPT $$