When creating or editing an email template, we have the ability to enter in a paragraph content block.
To do this, simply click and drag the paragraph button from the content tab in to the email template.
When you're ready, click on the text and start writing your paragraph, as you do this, you will see the black options box appear where you can edit select things like bold italics and underline, also Dynamic Variables
On the right, you will see the more advanced settings for the paragraph block, here you can edit things like font, colour and alignment.