This study estimates the greenhouse gas (GHG) emissions reduction resulting from photovoltaic and wind power technologies using a bottom-up approach for an indirect emission source (scope 2) in South Korea. To estimate GHG reductions from photovoltaic and wind power activities under standard operating conditions, methodologies are derived from the 2006 IPCC guidelines for national GHG inventories and the guidelines for local government greenhouse inventories of Korea published in 2016. Indirect emission factors for electricity are obtained from the 2011 Korea Power Exchange. The total annual GHG reduction from photovoltaic power (23,000 tons CO2eq) and wind power (30,000 tons CO2eq) was estimated to be 53,000 tons CO2eq. The estimation of individual GHGs showed that the largest component is carbon dioxide, accounting for up to 99% of the total GHG. The results of estimation from photovoltaic and wind power were 63.60% and 80.22% of installed capacity, respectively. The annual average GHG reductions from photovoltaic and wind power per year per unit installed capacity (MW) were estimated as 549 tons CO2eq/yr·MW and 647 tons CO2eq/yr·MW, respectively. Finally, the results showed that the level of GHG reduction per year per installed capacity of photovoltaic and wind power is 62% and 42% compared to the CDM project, respectively.