I don't think there is a replacement for the format function in T-SQL. T-SQL is designed to return data, not format it. You have to remember that Access combined the data access and UI layers so you could do formatting in your data retrieval code. T-SQL does not do that, at least not natively.
If you want to return a decimal value like .82 in percent format like, 82% you would need to do something like this in T-SQL
Convert(varchar(6), column * 100.00) + '%'